Hard Money lenders are your last resort for financing a purhase. They normaly carry a higher interest rate, you 3 to 5 points and the note is due in 1 yr. Many investors use this type of financing to flip properties. Hard money lenders will not lend more than 65% ARV. In my opinion they are most useful for a cash purhcase. They normally close within 5 days.
I have talked to a few recently. They seem nice enough although one did make a few questionable comments about how he doesn't like to see his clients being "banged up" by the lenders he sets them up with.(He is a retired banker with a lot of "connections" But seriously if you are buying right and the numbers work sometimes they are the only way to go. I plan on using one myself real soon.
Tybotica,
There is a hard money lender in Las Vegas that goes by the name of Vito.
You can reach him at:
1-800-BRKULEG
John $Cash$ Locke
Hard Money lenders are your last resort for financing a purhase. They normaly carry a higher interest rate, you 3 to 5 points and the note is due in 1 yr. Many investors use this type of financing to flip properties. Hard money lenders will not lend more than 65% ARV. In my opinion they are most useful for a cash purhcase. They normally close within 5 days.
I have talked to a few recently. They seem nice enough although one did make a few questionable comments about how he doesn't like to see his clients being "banged up" by the lenders he sets them up with.(He is a retired banker with a lot of "connections"
But seriously if you are buying right and the numbers work sometimes they are the only way to go. I plan on using one myself real soon.