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Author Topic: HARD MONEY WHY????  (Read 6489 times)

Offline real estate 001

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HARD MONEY WHY????
« on: August 08, 2006, 01:59:24 pm »
 if it is hard money  is it not to be standing on the real estate  it self and not  the persons credit ??  

 then why is it that every hard loan person i have spoken  with in the last few days is more wantting to know my credit  when i start  on the road to getting a hard loan from them ??

 and this is  more important then the realestate  that the loan will be for

 my fico is 588 not bad but not good    as well i have a tax lein  from back when my ex wife and i had a bussines  and i got stuck with the bill


 but every person seams to be more worried about my credit   then my  realestate  deal  why if a hard money loan is to stand on the realestate


 i have lost out on three deals  that would have made me all the money i needed to pay off the tax bill as well as the  hard money in two years    tops


 so i say  if there   is any  true hard money people and loans out there  i would like to talk with them  soon as i keep comming across realestate deals all of the time late ly and would just like some one to help me make one real  and in the procces make some money themselves !!!!


 please  get hold of me if you have true hard money loans that stand on the real estate  and not my credit      thank you now for all your responses and help

Offline welowe

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Re: HARD MONEY WHY????
« Reply #1 on: August 08, 2006, 02:28:14 pm »
To respond to your questions:

1) All the hard money lenders I know have at least a nominal minimum credit score. Ours is 550. The reason is, we want our interest payments made on time, not the property back. Our experience shows that those with at least a moderate score are much more likely to pay interest on time and to complete the project and get it sold.

2) We will not make a loan to anyone with an outstanding lien, judgment, or any other potential cloud on the title.

There may be lenders who do not have these rules, but I am not aware of them.
William Lowe
Partner
InvestWell
214-237-3300 X140
[email protected]

Offline real estate 001

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Re: HARD MONEY WHY????
« Reply #2 on: August 08, 2006, 09:28:44 pm »
 there is no lein on the title  for the realestate  it is alein if you will on my credit file  so there would be no lein on the title that i can see

 if iam wrong please correct me

Offline welowe

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Re: HARD MONEY WHY????
« Reply #3 on: August 08, 2006, 09:33:53 pm »
Not sure about your state, but in most states, any lien, tax or judgment attaches to any real estate you try to sell.

Any competent title company or attorney can tell you the rules in your particular state.

A lien would have no use if it did not get attached to something.
William Lowe
Partner
InvestWell
214-237-3300 X140
[email protected]umth.com

Offline Investment Loans

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Re: HARD MONEY WHY????
« Reply #4 on: August 09, 2006, 04:05:04 pm »
Satdog,

Welow is right though, they do want to take a look at your credit because it will give them an insite to the likeliness of a default on the property.

There are hard money lenders out there that are not concerned about your credit score but will still pull a report.  I have seen them done loans with below 500, no income, and no asset verifications.

With the lender mentioned above, the only thing on the credit report in which they will not work with someone is a Federal Tax Lien.  I suspect that this is what you have since you referenced issues with a past business.

Let me ask,  would the tax lien be something that you could payoff using the proceeds from your first invesment property.  In other words, if there is enough room in the deal, the lender may consider fundng the transaction and paying off the lien at the same time.  There may be no end profit to pocket but at least you'd have the lien taken care of.  Although that may not be in your plan.
To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline real estate 001

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Re: HARD MONEY WHY????
« Reply #5 on: August 10, 2006, 09:19:42 am »
   yes it would   if you would like futher details  or may be know a way or person who would work with me  on this
« Last Edit: August 10, 2006, 12:19:15 pm by kdhastedt »

Offline DHLC

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    • DHLC, Inc
Re: HARD MONEY WHY????
« Reply #6 on: August 10, 2006, 04:29:16 pm »
if it is hard money  is it not to be standing on the real estate  it self and not  the persons credit ??  

 then why is it that every hard loan person i have spoken  with in the last few days is more wantting to know my credit  when i start  on the road to getting a hard loan from them ??

 and this is  more important then the realestate  that the loan will be for

 my fico is 588 not bad but not good    as well i have a tax lein  from back when my ex wife and i had a bussines  and i got stuck with the bill


 but every person seams to be more worried about my credit   then my  realestate  deal  why if a hard money loan is to stand on the realestate


 i have lost out on three deals  that would have made me all the money i needed to pay off the tax bill as well as the  hard money in two years    tops


 so i say  if there   is any  true hard money people and loans out there  i would like to talk with them  soon as i keep comming across realestate deals all of the time late ly and would just like some one to help me make one real  and in the procces make some money themselves !!!!


 please  get hold of me if you have true hard money loans that stand on the real estate  and not my credit      thank you now for all your responses and help

I don't know what state you are in but we do NOT pull a borrower's credit on loans less than $350k.  Even when we do pull the credit we are not looking at the score, rather then borrower's ability to pay the interest payments on a $350k+ loan.

Every HML has different loan criteria.  We are only looking to the property to secure the loan.

Rob
DHLC Investments, Inc., Direct Hard Money Lender
Serving D/FW, Austin & San Antonio Texas
972-467-6547
972-759-9790 fax
http://www.dhlc.com

 




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