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Author Topic: How can i find Hard Money Lenders?  (Read 2290 times)

Offline omcarroll

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How can i find Hard Money Lenders?
« on: February 21, 2010, 09:52:26 am »
Hello I am a new investor and i would like to know if anyone knows of any hard money lenders that would lend to someone that doesn't have great credit, I have tried to establish my credit but my problem is i am a law student and i have large student loans on my credit, i tried getting credit such as credit cards but they say i have insufficient pay as agreed accounts.  How can i establish my credit if this keeps happening?  I am trying to invest on my first property but i'm having a hard time finding a hard money lender that doesn't base it on your credit.  PLEASE HELP!


« Last Edit: February 21, 2010, 03:15:54 pm by omcarroll »

Offline Rob in Atlanta

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Re: How can i find Hard Money Lenders?
« Reply #1 on: February 23, 2010, 02:51:17 pm »
Most hard money lenders will loan money based upon the 'loan to value' of the property regardless of your credit.  They typically loan 50%-65% of the value with no credit requirements as they are secure in their LTV. 

However, if you are a newbie with no experience and with no relationships with hard money lenders, you will most likely have to put up some of your own cash before they will lend you their money.  Once you establish history and build a relationship with them, you can borrow up to their limits without putting up some of your own money.

Hard money lenders advertise on this website (see 'Investor Resources' and click on 'Hard Money Lenders'), local newspapers, and many other sites.  You can also find them by a web search online.

Hope this helps.

Rob
Rob in Atlanta
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Author of ™DEBT FOR PROFIT© and
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Offline rookieNYC

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Re: How can i find Hard Money Lenders?
« Reply #2 on: February 23, 2010, 03:14:23 pm »
rob in atlanta summed it up perfectly..

Offline robdedgar

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Re: How can i find Hard Money Lenders?
« Reply #3 on: February 23, 2010, 06:49:54 pm »
If you are new but have a real estate mentor who is also a real estate agent, would it be hard to convince them to loan you without money down?
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Offline justin0419

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Re: How can i find Hard Money Lenders?
« Reply #4 on: February 23, 2010, 07:38:45 pm »
Is the mentor going to be on the loan w/ you?  If not, you're still a newbie in the lender's eyes.
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Offline kelran

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Re: How can i find Hard Money Lenders?
« Reply #5 on: February 24, 2010, 07:57:24 pm »
hello im in the philadelphia area of pa im looking for a private money lender to work with me in my realestate dealings im going to look at a duplex next week on march 2 2010 please help

Offline rookieNYC

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Re: How can i find Hard Money Lenders?
« Reply #6 on: February 25, 2010, 07:26:29 am »
kelran
please post details about the deal..how much are you paying...how much of your own money is going into deal etc...how much you are looking to borrow on the project..etc

Offline ShortSaleArtisan

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Re: How can i find Hard Money Lenders?
« Reply #7 on: March 02, 2010, 07:14:36 pm »
There's a good list right here on REIClub

http://reiclub.com/hard-money-lenders.php
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