I’m hoping someone out there can point me in the right direction. I have been buying non-performing mortgages from local banks here in the Chicagoland area and have run into the age old problem of running out of liquid cash. I have tried to approach local hard money lenders, but many are not very sopisticated on how to lend on a note (they are used to lending on hard assets such as the underlying real estate).
Does anyone know of a hard money lender that is willing to fund note purchases? I had heard through the grapevine that Ron LeGrand’s group was doing a “if you find a good deal (note) we will fund it” type of program but upon further review it was more “buy my $3K seminar” than “let’s partner up”.