any private lenders in ky?

rheebaby · August 4, 2005, 5:21pm

looking for private lenders in KY…would like to start investing in prop for quick flips…any suggestions?

                                                               rhee ???

cmacone · August 4, 2005, 6:58pm

Hello, Are you asking for hard money lenders or private investors?

rheebaby · August 4, 2005, 7:09pm

i’m trying to find out where to appy for loan or lines of credit to buy f/c and rehab to flip?

cmacone · August 4, 2005, 7:21pm

Hello, If your credit is good, go with a traditional lender. If your credit is questionable, you may want to consider a Hard Money Lender (HML) as a last resort.

jroger21 · August 4, 2005, 9:37pm

I am new AND from KY also…could you explain hard money lender?

cmacone · August 4, 2005, 11:39pm

Hello Everyone, A HML is different from a traditional lender. A traditional will lend you up to 100% funding as long as you have good credit. A HML will loan you up to 70% of value based on the project, not your credit. Fees, points and interest percentage is higher for a HML. I recommend that you always go with traditional lending first and use HML as a last resort.

andrabr9 · August 31, 2005, 2:18pm

we will be lending there shortly… let me know if I can assist you…thanks

Andy

Mdhaas1 · August 31, 2005, 3:39pm

Good Reader’s Digest Summary, Chris! 8)

When purchasing foreclosures it is best to have a line of credit available so that you can complete the transaction quickly. Late fees and interest on foreclosures or Sheriff sales are usually very high.

As Chris said, depending on your credit and the scenario, traditional lending is quicker, cheaper and allows for higher LTV’s.

If you are credit challenged then HML is the alternative.