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Author Topic: Hard Money Lenders  (Read 24592 times)

Offline JoeDC

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Hard Money Lenders
« on: December 07, 2003, 10:52:00 pm »
Is there often prepayment peneties when dealing with hardmoney lenders?

Offline tedjr

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Prepayment penalty
« Reply #1 on: December 08, 2003, 07:05:05 am »
Mine requires 4 months minimum interest payments. If you pay it off before they earn 4 months interest then that would be considered a penalty. If you can do that every time you will be loaning hard money out yourself after a few good deals.
« Last Edit: June 26, 2004, 07:00:15 am by tedjr »
Ted P. Stokely Jr

San Antonio, Texas

Offline rmoran

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Re:Hard Money Lenders
« Reply #2 on: December 13, 2003, 08:48:20 pm »
There may be a lot of folks like me out there...
I tried looking up "hard money lenders" in the phone
book but.....
could I get some info on how to contact such resources?


THX
Rich Moran
« Last Edit: June 26, 2004, 07:59:31 am by TRandle »

Offline Admin

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Here you go...
« Reply #3 on: December 13, 2003, 09:31:04 pm »
There's Only Two Things in Life: Reasons and Results.  Reasons don't count.  - Anonymous

Offline tedjr

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Re:Hard Money Lenders
« Reply #4 on: December 13, 2003, 09:44:45 pm »
Another source that just approved me is Streamline Funding here in Austin at 250-8575. Ask for Jaydon Newman



« Last Edit: June 26, 2004, 07:01:29 am by tedjr »
Ted P. Stokely Jr

San Antonio, Texas

Offline dgpioneer

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Re:Hard Money Lenders
« Reply #5 on: December 19, 2003, 08:47:17 pm »
You can also go to a major search engine and type "hardmoney"
« Last Edit: June 26, 2004, 07:59:59 am by TRandle »

Offline Jo se

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Re:Hard Money Lenders
« Reply #6 on: December 20, 2003, 10:39:50 pm »
Call 250-8575, Streamline Funding. I have been using them for a year now and highly recommend their services. They have been very fair, fast and provided quality service. Oh! and they are local. You can actually talk with them in person.

When it comes to a draw request so that subs and materials can get paid, Jadon can fund within 24 hours.

A loan request package including project's particulars, earnest money contract, and credit report will probably get a borrower an answer the same day.

Jose  

Sorry, if I posted twice. I lost my first post.

Offline agkatz

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Re:Hard Money Lenders
« Reply #7 on: December 29, 2003, 08:53:29 am »
What does Streamline require, before lending on the property?  I.E., appraisal, inspection, etc...

Also... do you know if they lend all over the State, or only in Austin?
"... Just by placing hundreds of tiny, classified ads from my little one-bedroom apartment," Don Lapre.

Offline tedjr

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Re:Hard Money Lenders
« Reply #8 on: December 29, 2003, 09:39:44 am »
Appraisal done by their appraiser. I believe they do other cities but not positive. I submitted a cost breakdown of the repairs and Jaydon came out to look at the property to go over the figures. Approved really fast.


« Last Edit: June 26, 2004, 07:03:03 am by tedjr »
Ted P. Stokely Jr

San Antonio, Texas

Offline agkatz

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Re:Hard Money Lenders
« Reply #9 on: December 29, 2003, 10:01:39 am »
No survey, no inspector fees?
"... Just by placing hundreds of tiny, classified ads from my little one-bedroom apartment," Don Lapre.

Offline tedjr

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Re:Hard Money Lenders
« Reply #10 on: December 29, 2003, 10:08:17 am »
Inspector fees were high about a grand for the 3 or 4 inspections. Survey question did not come up. I am sure they will want a 7 year or newer survey. I had to pay 4 months interest up front too but that may have just been me.

Ted Jr
Ted P. Stokely Jr

San Antonio, Texas

Offline virtuouslady

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Re:Hard Money Lenders
« Reply #11 on: April 02, 2004, 08:34:01 am »
Hello,

Hard money lenders are all over the place, and you don't have to stay in your own state to get one.  I have met a few nice mortgage brokers on the internet.  Ask around to see who has had good service and try them out.  Good Luck!
« Last Edit: June 26, 2004, 07:59:15 am by TRandle »

Offline havecash

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Re:Hard Money Lenders
« Reply #12 on: May 15, 2004, 01:01:44 pm »
Joe...Virtually ALWAYS prepayment penalties for hard money lenders.  Usually 3-6 months interest.  After all, they gave you the money thinking that you were going to use it for a minimum of 6 months...Usually 1 year.

 
« Last Edit: May 15, 2004, 09:16:46 pm by StacyKellams »

Offline StacyKellams

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Re:Hard Money Lenders
« Reply #13 on: May 15, 2004, 09:21:05 pm »
You need to develop your own personal private lenders and cut the hard money lenders out of your life as soon as possible.

With your own private lenders you won't have any pre-payment penalties or points and you'll be paying 8% to 10% interest only instead of 15% to 18%.
www.RealEstateCourseReviews.com
"Find out which real estate investing courses will really make you money and which ones won't!"

Offline havecash

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Re:Hard Money Lenders
« Reply #14 on: May 15, 2004, 09:40:33 pm »
Where are you getting private money at 8% in May, 2004, in America?

 




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