Money
We are seeking hard money for non rehab single family homes. We have been told everything from we need a job to qualify to we need to put down 20 -25% even if the loan is only 65%ltv. We have great credit and are not buying junkers. Mostly short sales. Any ideas? We are so frustrated!
[addsig]
65% LTV means you put up 35%. The "V" stands for Value, which means market price, which means what a seller is willing to sell the property for.
Some lenders will go 65% of ARV- After Repaired Value- which may be enough to purchase and rehab a property in need of a lot of work. But most want some skin in the game.
Chris
Most of the local Hard Money has dried up. HM Lenders have taken back so many properties they now have to manage and sell....they are not anxious to lend.
Chris is right. Lenders want you to have skin in the game. You lose everything before they lose anything. Can you blame them considering the tough market we are in?
[addsig]
Kathleen,
Try Equity Development Corp (google them since I may not be able to post a link). I think they serve FL and go more than 70% LTV.
Hope this helps!
How many mortgages are too many when it comes to personal credit report. Some will say about 10 separate mortgages on the Credit, but I think it migth be actually less for the Banks to stop lending
Thanks,
A credit score ABOVE 850?!!
Chris
sd2734 and apexnotes... what kind of terms (and rates) did you get with Equity development?
Have you tried a hard money lender?
Sounds like there is $140k of meat in the deal. Find a money partner and split the profit- half a loaf is better than none, especially if half a loaf is $70k.
Chris
Thank you for the response, I see what you are saying. I have a lot of studing to do. Does anyone have any suggestions on how to go about getting a list of people with seller financed properties.
NC,
You can get tthem free, usually by going to the county web site in your area and looking under the recorded public documents sectio, find trust deeds or real estate contracts for a specific time period i.e. 1 day, 1 week, 1 month and hit search:. Up comes money!
Good luck
ANd by the way, I buy these too. If you ahve anything, let me know.
MJ
NC,
Sorry to hear that no one will respond. Unfortunate.
I am interested in the note you mention. Send me more details at mel.johnson at www.earthlink.net