Have several foreclosed properties under $75,000. Want to buy these homes to fix and flip. Current credit very low scores. In the process of repairing credit. Would like lenders to look at real estate deal rather than credit. How can I find hard money or private money for these deals?
Have you looked here?
http://www.reiclub.com/hard-money-lenders.php
There are some HMLs at that link that provide services in OH. Just a tip: If you consult one of them and they run your credit, even IF they refuse you because of your credit score, ask them for a copy of the credit report. You can then use that ‘already run’ credit report and provide it to each HML you consult with. That way each lender is not running your credit over and over again.
From personal experience, you would have to have pretty poor credit for an HML to refuse you a loan. Instead of refusing someone they typically just like to ask for more money out of pocket. Upfront money usually talks in that situation.
PC
I agree with PC,
As a hard money lender I am only interested in the liquidation value of the property.
This is how I get paid my principle and interest back if you dont pay me back.
LTV helps all that. Put another way, the more equity you put in, in real dollars, the more I know you will work hard NOT to lose that money.
How do you contact these guys,I am always looking for hard money lenders and there are several with this name on the net on google,do these guys actually perform
HML in Ohio is hard to come by since they passed the predatory lending laws in Ohio. Good luck in finding any. I have been trying for 6 months.
put an ad in the newspaper (large circulation) looking for investors.