With hard money do all have monthly payments or is the money not due till you sell the house like 6-12months (hopefully sooner of course). Seems like all do different. I myself would prefer the no payments a month for more flexibility and use that money elsewhere till the house is sold.
For the hard money lenders out there for the texas dfw area and northern california areas.
There are a few that offer no payments for 6 months. The one I use is interest only payments and goes for a year max. Try the hard money loan section of this website. Good luck
Thanks, I have and will call a few they do not respond to email hardly I am finding out. Some even run credit and to me that is not a true hard money loan. No big deal we have a score of 680 and 715 tho.
What I am finding is hard money lenders are great to work with. Very fast (at least the one I am using is) Regular mortgages through bank or mortgage companies are terrible in my experience. They take WAY too long to do anything. In this business though we have to get a longwith them. Good luck.
dwj469, Does your hard money people work in Texas and or northern california? If so or if you know of any please email me.
Hi I am not sure but I will find out and let you know.
great thanks
There are several lenders that work within CA and TX.
Most hard money lenders that base the loan off the arv and include rehab funds will check credit. There are a few in TX that do not.
Most true hard money lenders that do not check credit will only base the loan on the as-is value.
Just a couple quick questions so we know which lender to refer to.
What are your credit scores? (not all the sources require perfect credit)
Do you have 2 years of stable employment or self employment?
Do you have good documentable income?
How much in checking/savings?
Do you own a primary home?
How many other properties do you own? How much in equity do they have?
What type of experience in rehab work?
What is the exit strategy for the properties, sell or keep as rentals?
How much in expected work for property?
What are the expected values after repaired?
What are the purchase prices?
Ben Carmona I email you directly about the last posting. Thanks. Just our first couple really need to be no payments for then get more reserves and we will be more flexible. Thanks Kelly