Real Estate Investing Forums

Real Estate Investing => Financing, Hard Money Lenders, Private Money => Topic started by: $$$ Guru $$$ on December 16, 2008, 04:11:40 pm

Title: Hard money for note purchases
Post by: $$$ Guru $$$ on December 16, 2008, 04:11:40 pm
I'm hoping someone out there can point me in the right direction.  I have been buying non-performing mortgages from local banks here in the Chicagoland area and have run into the age old problem of running out of liquid cash.  I have tried to approach local hard money lenders, but many are not very sopisticated on how to lend on a note (they are used to lending on hard assets such as the underlying real estate).

Does anyone know of a hard money lender that is willing to fund note purchases?  I had heard through the grapevine that Ron LeGrand's group was doing a "if you find a good deal (note) we will fund it" type of program but upon further review it was more "buy my $3K seminar" than "let's partner up".

Any advice?
Title: Re: Hard money for note purchases
Post by: herbster on December 16, 2008, 11:21:24 pm
GURU, I was under the impression the Hard money lenders want their money back in 1-2 years, and at a very high interest rate. I don't know much about non-performing notes but I wouldn't use HM. For more insight on Notes goto the cash flow forum and ask their. Its what these people do. Herbster