Just had a questions for you guys. Have you ever heard of anyone getting a small HML? Like when buying sub2, for sellers moving expenses, maybe equity, closing costs and repair money? Just wondering, thanks for your imput.
Deal maker.
Good question, I am also looking for a Hard lender that will take a 2nd lien position for
some of the issues you suggested.
Normally a HML will cover the following aspects of a particular transaction.
1.) Money to buy home
2.)Money to fix up
3.)Closing costs (in some cases).
Let me know what you can find out regarding HML and 2nd Lien.
Anyone heard of HML doing just money for fix up, and other misc expenses, not whole project or purchas cost? Just wondering
Thanks
I am looking for the same thing
Because so many of us seek this sort of product, and because we each think its not that risky of a loan (or else we may not seek it), maybe there would be more successful investors to pool together and try a few of these, to see if its a viable product.
If it is, and we can simply model it, a mainstream lender may pick it up.
- Since its a loan to an LLC, we could charge a stiff rate
- Since its in our field we would have insite into the risk aspect
3)Since its something many of us could benefit from if it were successful, we could mutually try to help it succeed
Id consider throwing 10-25 into a hat (a well thought out and legally monitored hat that is) if we could put together 5-10 others that would take on the same risk and or responsibility of floating an idea like this
** moderator please advise if you think this inappropriate **