Hard Money for Pretty House

Financing, Hard Money Lenders, Private Money
1

Anyone know of a hard money lender that loans on pretty house deals?

Thanks.

2

what is the scenario?

3

Homeowner is in distress. Currently owes more than what property is worth. However, the house is only three years old so all it needs is paint and carpet cleaning. Trying to short sale it and my exit strategy is to wholesale it or sell to a retail buyer. Just wanted to have a backup plan just in case I couldn’t find a buyer.

4

Here is your problem:

Currently owes more than what property is worth.

Nobody will touch this unless you an get a signifcant discoutn, 30%+ on a short sale.

Good luck!

5

That’s what I’m pretty much finding out, but we’ll see how it goes. The bank has already said that they will entertain the short sale, so I’m keeping my fingers and toes crossed that I can do something to help this homeowner.

Thanks

6

You do not need Hard money for a pretty house.

Use BANK Money through a Real Estate investor/mortgage broker who understand and knows what you are doing.

All you need is to purchase the home for what it is worth or less.

Can not do loans for more than the house is worth and you can do loans for what the house is worth though!!!

You would want a discount on the house just so you could make money on the property not just to get financing.

7

Thanks to all for the advice.