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Author Topic: Hard money loans  (Read 8693 times)

Offline Ramon75

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Hard money loans
« on: July 26, 2006, 07:10:54 am »
Hello.
     I was wondering if there is anyone that could tell me about hard money loans. How they work , the up and down side to the and any risk I should be aware of?

Offline Charles L.

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Re:Hard money loans
« Reply #1 on: July 26, 2006, 01:17:50 pm »
Hey there, The up from this decision is that they can finance up to 100% The downside is that they charge hefty amounts interest.

Offline kdhastedt

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Re:Hard money loans
« Reply #2 on: July 26, 2006, 01:33:24 pm »

They will rarely fund 100%...more like 65%-70% of ARV (this may turn out to be 100% of purchase)...

Here is some info straight from the Investing Glossary to your left:

Hard Money Loan - A loan that is underwritten with the condition and value of the property as the primary criteria for approval. Secondary issues may include the credit of the borrower, the ability of the borrower to repay the loan and/or the ability of the borrower to manage the property or successfully complete a rehab and sell the property. Owner occupancy, debt ratios and other issues are seldom a factor. Appraisals rather than purchase prices are used to determine value. Cash out purchases are often allowed and are another key benefit. These loans are usually approved within days and are often funded in two weeks or under with times as short as two or three days not uncommon. The cost for the benefits of speed of funding, lax underwriting and other advantages is typically a moderately high interest rate (usually low to mid teens) and high points (usually 5 to 10).

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline Charles L.

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Re:Hard money loans
« Reply #3 on: July 26, 2006, 03:30:41 pm »
I appologize... I meant to say it can be 100% of the purchase price.

Offline mr. real deal

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Re:Hard money loans
« Reply #4 on: July 26, 2006, 08:19:27 pm »
I know someone that will offer a 100%,  I got approved for up 215k with 8% interest rate and will give me funds for rehab , for example

Purchase Price  115
Rehab Cost  15k
ARV  150k

They will loan 150k as long as they can have estimates and surveys in the loan file then they will use the ARV to get  the loan.

*ZERO points up front
* ZERO in the back
* ZERO junk fees
* PRIME OR SUB-PRIME it just does not matter
* LENDER DIRECT
* SUPER FAST CLOSING
* CHEAPER THEN HARD MONEY
* NO PRE-PAYMENT w.a.c.
* 100% loan Non-owner occupied  w.a.c.

Offline Mortgage Mark

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Re:Hard money loans
« Reply #5 on: July 28, 2006, 03:25:34 am »
Is that someone you?  haha

Interesting 1st post.  maybe slow down a bit on the advertising.  if I'm wrong I apologize.  But that does sound like  a great loan.  Good luck with the business.

By the way, how will this loan make money?  the interest from this loan will not be enough to cover the risk.  I sure wouldnt lend this kind of paper.

Mark Forsyth
Sterling Mortgage Group
[email protected]
916-760-8834

Offline WWProperties

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Re:Hard money loans
« Reply #6 on: July 31, 2006, 06:05:44 pm »
Charles L.  if you can get me a loan like his in PA I will have business for you or your lender every week.

Can you send me some requirements?
Fico
Loan min and max
How fast can you close
Can I get a pre-approval
I have several HUD deals that I can purchase under $20k and rehab for $10k and either hold and refinance or flip them for $60k I need help now!!!!!



« Last Edit: August 03, 2006, 02:44:32 pm by kdhastedt »

Offline Charles L.

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Re:Hard money loans
« Reply #7 on: July 31, 2006, 06:08:31 pm »
Sorry I think you are mistaken... I do not do HML. Maybe someone else will chime in. GOod Luck with everything

Offline WWProperties

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Re:Hard money loans
« Reply #8 on: July 31, 2006, 06:22:50 pm »
sorry that was for Baby_Boy!!! What do you do??

Offline real estate 001

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Re:Hard money loans
« Reply #9 on: August 02, 2006, 09:26:06 am »
  hey mr real deal     can you send  me over someinformation on that  super loan set up  

as i have some deals in the works that i could use the funds for     send to [email protected]

Offline realguru

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Re:Hard money loans
« Reply #10 on: August 03, 2006, 09:27:39 pm »
I know someone that will offer a 100%,  I got approved for up 215k with 8% interest rate and will give me funds for rehab , for example

Purchase Price  115
Rehab Cost  15k
ARV  150k

They will loan 150k as long as they can have estimates and surveys in the loan file then they will use the ARV to get  the loan.

*ZERO points up front
* ZERO in the back
* ZERO junk fees
* PRIME OR SUB-PRIME it just does not matter
* LENDER DIRECT
* SUPER FAST CLOSING
* CHEAPER THEN HARD MONEY
* NO PRE-PAYMENT w.a.c.
* 100% loan Non-owner occupied  w.a.c.
Hi mr real deal,
Do the hard money lenders do international loan(singapore)? pls give me some details on this,thanks

Offline WWProperties

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Re:Hard money loans
« Reply #11 on: August 04, 2006, 06:40:12 pm »
real deal-
your guys haven't replied yet to emails or phones.  THat's bad business and business lost!  

Offline real estate 001

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Re:Hard money loans
« Reply #12 on: August 04, 2006, 06:55:20 pm »
 hey just wondering has any one heard or recived any response from mr real deal      is he the real deal ?  why is he not responding ?

Offline Shamatso

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Re:Hard money loans
« Reply #13 on: August 05, 2006, 08:42:03 pm »
know you hate this cliche but ...

"when it sounds too good to be true, most likely it is"

Time is money... move on...

Offline hurrikane

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Re:Hard money loans
« Reply #14 on: August 06, 2006, 06:32:42 am »
I emailed him and got a reply the same day.


 




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