What a bummer.......Someone please help!
Hello guys. I was wondering if someone could help me out here. I am really interested in working with flipping shortsales. I know that in order to do a double closing I have to have proof of funds right????????????
Well I figured since I dont have much money in the bank, I could get a Hard Money Loan. Well I contacted a couple Hard Money Lenders and they said I would need about 10-15k in order for me to get a loan 
This really bummed me out. I thought Hard Money Lenders were not so difficult. I know that they have these requirements to entise the the person not to default on payments, but geeese.
Is this standard with all HML's???? Do they all ask for so much money????
Any Ideas on how I can manage to still do these types of transactions?
I really don't want to give up on this, but it seems like the odds are against me.
Thanks for your help guys.
Gary
I'd like to see a reply on this. I am about to start trying to find some hard money lenders to work with. Does anyone have any recommendations about how to properly and professionally approach these people. I want to do and say everything I can, so that these people will be interested in letting me use their money. Any recomendations?
When the HML says that you need 10-15K to work the deal, he may really be telling you that his loan "points" will require 10-15K out of pocket.
I have never worked with a HML, but from what I understand, 5-10 points are fairly standard.
True HML will not require any type of funds, for they are equity based lenders, usually around the50-65% LTV. It sounds like you are inquring with "soft HML" you can email me at lwilkes@lafinancialgroup.com