Hard Money for 5 days...who does THIS?

Financing, Hard Money Lenders, Private Money
1

All the postings about Hard Money for Re-habs are great…but I need something a little different…

I have investors that buy houses with hard money and flip them within 48 hours…

The hard money lender(s) they deal with typically charge 5% - do not require credit pulled, etc…and won’t fund the deal until they know docs are at the title company for the second side closing.

My investor would like me to find resources for this type of hard money and I don’t see anything on the forums about this type of $$.

If anyone has any resources or ideas…I would appreciate it.

THanks!!

2

This type of HML will need to be a private (Individual, group)

Normal HML’s and Normal Lenders are corporations and can not/ will not loan money without in depth review.

3

Right - that’s what I thought…I’m just not sure where to even begin looking for a private money lender.

Any thoughts?

4

so what your asking is, if i borrowed you 100,000, you would pay me back 105,000 in five days?

5

That’s exactly what I’m saying. It’s what we do now - but I need more than one source for that type of money.

If I close 3 /300K deals in one week - my guy runs out of cash flow before we can fund the second side of the deal and wire the money back.

6

I see, i would think that there would be quite a few people out there that would do this. If i had that kind of money, i would probably do it.

7

You bet…!

It’s finding them that is the hard part…so that’s why I am on here… ;D

8

If you ever get deals in the St. Louis area I have someone who has money like this for you.

9

THanks!!

Wish you were in Texas…or “your guy” would be interested in TX deals…

My average Loan size is 300K - 15K profit in a few days is not bad…

10

Have a couple contacts in TX, let me check around if these lenders know any private individuals.

11

I am looking for something like that here in indianapolis IN. A private money lender that can close within 7days or less. And dont pull your credit.

12

Thanks, Ben…any help or leads in the right direction would be really appreciated!

You can e-mail me directly if you wish to keep the information confidential.

13

Folks,

This is an information board not a money laundering swap meet.

Please take your business deals off-line.

Thanx,

Keith

14

Hello Keith, The moderator has spoken! It’s nice to see that your keeping our postings unsolicited and legal. Keep up the good work!

15

Try running a classified ad like the following:

EARN 15% GUARANTEED RETURN
Safe alternative to bank CD’s, IRA’s etc.
Secured by high equity real estate.
(XXX) XXX-XXXX, 24 hrs.
www.yourpage.com

Meet with the pre-screened responders and explain your offer. Just imagine, you have worked hard all your life as a doctor/lawyer/contractor/etc. and saved for years to retire. Your bank will pay you maybe up to 5% for some type of savings account. If you get an opportunity to earn 15% APR, guaranteed by houses with a minimum 40% equity, are you going to turn it down? Especially if, as it sounds to me, you have an excellent track record of making these deals work. Good luck!!!

16

Keith,

Sorry if this offended you or anyone on the forum. I think it’s defamatory to say that I would post a “money laundering” swap. I have an investor who legally pays for a property in cash/through investor fundes then turns around and sells it to an interested buyer. What exactly about that is money laundering?

I really though I had a valid question for the group of investors on this forum - we’re all here to find new revenue streams or we wouldn’t be “investors” correct?

I will not post again regarding any ideas on legally making money.

17

Hey MortgageGal!!! Sometimes people are less tactful than they could be, but that is no reason to abandon a good thing. I have a good friend who has given up on real estate investing because someone did not want to pay him a bird dog fee. Imagine that, giving up on a dream because of someone else!!! In the future, just stick to the forum rules and you’ll be fine. Good luck!!

18

mortgage gal…it was sarcasm.

Please do NOT use the forums to barter services or try to line up deals. Take those discussions off-line. Every memebr of these forums has a Private Message box…please use them!

Keith

19

Keith I found this whole discussion very informative and dont understand why questions cannot be asked and answered right here for us to see from start to finish…you know a learning tool.

20

This post was not as bad as some recently.

I think what Keith is trying to say is that if you are posting helpful information or asking questions…Great!

However, if you are posting/replying for the sole purpose of “lining up deals” then communicate via the PM system.