Where exactly does one go about finding hard money lenders? I am in the Tampa Bay area and need HM lenders to fund some deals I would like to put together. Any input/advice would be appreciated.
geoff
I have knowledge of one that advertises in the Hernando Today. Unfortunately, Hard Money Lending is not what it was 3 years ago. They are real picky about the property now, and you still need to qualify. It is difficult to find anyone who is willing to lend under any circumstance. The Hard Money Lenders took a beating just as much, and in some cases, more so, than the banks. Most of them are not lending, especially here in Florida. Also, check out this web site for their list of HM resourses.
This is very true hard money is not what it used to be
As most now require /want some kind of a fee upfront be it large or small
i have seen the fees be from 500.00 to a few 1 .000.00 s
And some have a fee return if can not do the deal others it is not just because they want payed for there time no matter what
And i can see this as times are not what they used to be
GBC, on the left hand side you will see under “investor resources” hard money lenders. a few of them do FL.
Brookview financial is probably the biggest but you will pay 15% plus many points. Plan on having somewhere around 20k liquid assets to show. They will go over your deal and tell you weather its going to work especially your rehab numbers. Most local hard money guys are long gone into their next venture with real estate behind them. Remember the golden rule, he who has the gold makes the rules, well the gold has shrunk to a very few.
Geoff,
Your best source for finding hard money lenders in your area is your local REIA group.
Another method is to locate investor properties in your area and search the property records to determine if there was a loan on the property. If so, it will show the lender.
You could also search Craig’s list for local hard money lenders.
Regards,
wade
GBC
Im a HML in Florida and Tampa area but I require you have skin in the game…