Hello all,
I found this forum while browsing the net for a few hard money lenders. I have read back a month or so before I posted to see what I could glean before asking questions.
I have been in the residential lending side of mortgages for approximately 12 years and am looking to expand into hard money and private money to supplement the residential side of my business. I shifted the emphasis of our company (myself and 2 others) to reverse mortgages at the end of last year because of what I saw coming in the subprime market. There is money to be made in reverse mortgages but it takes constant follow up and half the loans we are closing now are from our marketing efforts from last year. I would like to expand into something that closes in a more timely manner.
I started looking for hard money deals for the past week and a half and signed a slam dunk deal last Friday. The loan was a 2nd on a mixed use propery at 50% CLTV.
I would like to get some forum members input on the following questions.
I would like to work directly with several hard money lenders and investors. Can anyone give me input on the Scotsmans Guide list of hard money lenders?
Would it be a good idea to seek out private investors and how would one find such people?
I am looking to primarily focus on marketing mixed use, units and commercial loans in the 200k to 2m range. Is ther a rule of thumb on how many points an investor would charge and a norm for a broker to charge?
Are there any types of property to avoid? I have heard that raw land is tough to find financiang for unless it is entitled.
We would like to have approximately 30% of our business coming in from hard money/private money over the next 6 months. Any tips on mistakes made or deals that are a waste of time would be greatly appreciated.