Anyone here in the Mortgage business? An Idea...

Financing, Hard Money Lenders, Private Money
1

Is there anyone here lending out money on mortgages?

I work the preforeclosure list and 9/10 of these homeowners want money to stay in their properties.

I screen out the ones that have maximum 60% LTV mortgages and send them refinance / money to lend
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I refer the ones that need ASAP money to a private lender that pays me the points.

The private lender charges 12% + fees. This can end up being 20% on the 1st year. Or if they pay
off the loan early there are prepayment penalties.
He lends out to a maximum LTV of 65%. So when they default on the mortgages he never loses.

I was thinking that this business in of itself is quite lucrative. I was thinking about using my own money eventually
on these mortgages.

Anyone have any experience with this?

2

Hello, I own a mortgage business, over 10 years, and I’m also an Investor in short sales and REO’s. Over 90% of my clients need “Alternative” financing, including pre foreclosures up to 60%. I’d be happy to speak with those other clients, as I can provide them every option that exists, in the end, creating a win win situation. I’m curious which list you work as I’ve experienced some of the same responses. The one’s that have you send to refi, sounds high, I might be able to provide you a more competative option, but doing the same requires a good real estate attorney, and some money and assets and you could do the same :slight_smile:
Christopher