Anyway, I am looking for a hard money loan of about $30K. My credit is in the mid 700 range, I have a low debt to income ratio and have a good income from my day job.
Again, I was researching here and was reading about hard money scams and all that. I went to the hard money lenders section under Investor Resources and called a few of the lenders. One is supposed to get back to me.
Are those of you who have experienced borrowing hard money willing to impart any advice? Feel free to PM me. I am in Atlanta, GA.
The 1 question I hear & ask myself is, “Where are the REAL Hard Money Lenders?”
I will warn you that when you google Hard Money Lenders, you will actually find companies that state they are Hard Money, then the first question they will ask you is pertaining to your credit score, income, etc. They never even ask about the Deal, you have to cut them off quickly. They eventually tell you they are Like Hard Money but are not actually.
Best bet is to get involved with a local RE Investing group in your area.
Look for Capital funding companies: I have been fortunate to find ones who will do a joint venture (they will fund project) and the benefits are many:
They fund it
They also review your #s and give feedback
Many also have construction/remodeling crews
Many have property management crew
They want to see you succede
my question is if your score is that high and you have good income and little debt have you talked to a local lender. All you hear about not getting money is not always true. Some of the fees for hard money lenders can eat the profit out of the job is you did not purchase the property correctly and establish your rehab loan amount.
Like they say, there are a lot of guys on the web saying one thing and doing another so be careful.
Thanks for the advice. I didn’t think conventional lenders would fund NOO investment properties but I will certainly follow up and see if they will. The hard money interest rates are high but I figured there was no other way to find funding for my project.
I have put in an application with a hard money lender after talking to him for a few hours. I am reasonably comfortable to be working with him. I am currently waiting to see if my application is accepted.
I have asked him for references and a copy of the loan papers in order for me to do some due diligence. Do you think that was out of line and could hurt my chances of getting the funding?
I have asked him for references and a copy of the loan papers in order for me to do some due diligence. Do you think that was out of line and could hurt my chances of getting the funding?
If they do have an issue then they have something to hide. Walk away… :deal