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Author Topic: Hard money for rehabbing?  (Read 8674 times)

Offline DHLC

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Re:Hard money for rehabbing?
« Reply #15 on: March 15, 2005, 10:33:49 pm »
You are not applying based on credit.  You are applying based on the deal. Most HML applications ask for the info we require for our loan docs as well as for a brief overview of the project.  What is the ARV?  What is the Amount and scope of repairs?, Who is the title co.? Requested loan amount?  These are typically the questions found on a HML's loan app.

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

Offline eager2learn

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Re:Hard money for rehabbing?
« Reply #16 on: March 16, 2005, 06:34:03 am »
Thanks Rob,

so you are saying that there is no need for me to put together a formal business plan? I have this software I bought and am thinking of returning it.

Juana

Offline richmortgagebroker

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Re:Hard money for rehabbing?
« Reply #17 on: March 17, 2005, 06:19:57 pm »
Is this your 1st deal? I'm looking for an HML to lend to me on a first time deal? I've heard alot of them don't like 1st timers-they like experience.  Sorry to address your question with a question.

There is an ocean of HML listed on this web site alone Listed under INVESTOR RESOURCES sub title hard money lenders.

I also recommend that you go with a HML that is in your local area if you need anything between 70-80% LTV there are hundreds of them that will do it at this level.

I will have to beg to differ that the industry standard is 65% LTV  you will find more deals at 70-80% because of the same idea it is Lenders doing short sales or other wise want the most they can get out of the sale.
Craig and Laura Richins
National Loan Brokers
866-582- 4451 EXT 6743  Office
www.loans2investors.brokersme.com

Offline beachmaster

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Re:Hard money for rehabbing?
« Reply #18 on: March 23, 2005, 08:26:30 pm »
Hi everyone... newbie to the forum here.  Nice place!

I flipped about 2 dozen houses including rehabs, L/O, sub2, etc., and got out of the biz due to burn out and slim pickens during slow times, but now 7 or 8 years later I'm back in where the market is very hot presently.

I had a deal drop in my lap from a realtor... house worth somewhere between $300k and $325k that a desperate seller said he'd take $230 if I could close by Friday.  This was on Monday.  I signed the deal... this is a pretty house that just needs paint and carpet and doodads, and is 3/10 of a mile from the beach.

I didn't even have money lined up.

Got on the phone and found a hard money lender at the other end of the state who loaned me $235k.  This was about 75% LTV.   He didn't even get a formal appraisal, just had a realtor contact of his here who he trusts who looked at the house and told him he should loan me the money.

I closed on it last Friday.  

Some lenders will look at the deal and if it makes sense, will go higher than 65% LTV.  

Now I just need to find about 5 more of these this year!


Offline richmortgagebroker

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Re:Hard money for rehabbing?
« Reply #19 on: March 23, 2005, 08:51:38 pm »
Exactly beachmaster, You found someone local from that state and did the deal at a great LTV% There is a lot of competion to lend money because people do not want to invest so much in the stock market.

It is when you are dealing with a National Company that does not know the area or does not have a comfy feely about the stateand usually lends a 65%LTV

So fellow investors please please don't give up on a deal when you are dealling with homes under 80% LTV because you will find a HML in your local area just ask open your mouth.
Craig and Laura Richins
National Loan Brokers
866-582- 4451 EXT 6743  Office
www.loans2investors.brokersme.com

Offline DrRush

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Re:Hard money for rehabbing?
« Reply #20 on: November 16, 2005, 04:02:32 pm »
I've used Investwell on several deals and they constantly loose faxes, misfile paperwork, etc.  

Sometimes they take two weeks or more to pay draws.  They blame the inspector and the inspector blames them.  I would blame the inspector but Inveswell has killed my rehab schedule more than once.

Don't use them for a fast rehab!!!  
Beware of their junk fees. They tack on all kinds of crap fees.  

I now steer clear from these guys, there are to many local companies willing to create a smooth relationship.


« Last Edit: November 18, 2005, 01:10:12 pm by TRandle »

Offline welowe

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Re:Hard money for rehabbing?
« Reply #21 on: November 18, 2005, 02:20:44 pm »
 I am very sorry you had a negative experience with our company. We strive to make the transaction as painless as possible. In most cases, we are successful, as evidenced by the hundreds of deals we fund each month.

 In those cases where we have dropped the ball, we always invite any of our customers to speak directly to any of our partners, so we can correct the problem; if not for you, then at least for the next customer.

 I apologize again for the poor manner in which we seem to have handled your loan. :-[

William Lowe
Partner
InvestWell
214-237-3300 X140
[email protected]

Offline lsheriow

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Re:Hard money for rehabbing?
« Reply #22 on: November 19, 2005, 02:23:25 pm »
Hi zells, I would definitely want to know more about the company so if you can't get information I would wait and find some. I am an AE at Countrywide and we are one of the largest mortgage lenders in the nation. We have many loan programs to choose from and we are competitive.
« Last Edit: June 26, 2007, 01:49:24 pm by TRandle »

Offline ejeangilles

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Re:Hard money for rehabbing?
« Reply #23 on: November 21, 2005, 12:16:58 pm »
Not to burst your bubble but I had a deal that went sour because of investwell. First they were real bad on getting back to me and letting me what was going on with my deal. I had to almost run after them to find out what was going on. And at the last minute they told me they wouldn't fund my deal because it was a townhome and they don'y do townhomes. Mind you should have known that when I gave fax to them my contract and especially when they got the appraisal. I know I sound bitter but my experience with them was a little frustrating. Maybe your experience will be better with mine but if I was you I would stay on them every step of the way...

 




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