I am a broker in AZ and I work with my brother who is a realtor. Both of us find investors who are interested in foreclosed property and we send them the listings.
These listings are great, the only problem is once you secure the property you have 24 hours to either go with their hard money loan program(which is 10% down with 18% interest),pay cash or find another hard money loan.
My part in this, is when an investor would like us to get them these listings, I start a file that is ready with all of their information such as credit reports, bank statements, 1003s everything ready to go so when they find the property my file is ready to move fast and send to our hard money lender.
Does anyone know of any Hard Money lenders that lend at less than 18% interest and can close in 24 hours?!
any input on this would be helpful!
You are not dealing with a true hard money lender. I hate how pwople just change terms. True hard money is money that you can get without all of the thing that you listed at about 75% LTV and that LTV is the AVR. True hard money is based on real estate only! The type of loan you are brokering is just like a bank loan but for the fact that it is less strict, is meant for short term only, and has a sky high interest rate. If I were in a position to needto get a loan like that I would just go to the bank. Do yourself a favor and find a real hard money lender, start on craigslist. Also you may want to find angel investors google it and see if there is a network in your area. Money from these sources is even easier to get (once you find them) than hard money with lower interest rates and longer terms.
thank you for everyone that has responded. We are currently looking for lenders not brokers, worst case scenario we will consider a broker.
imbeautiful1,
what happens when I borrow $ from hard money lender in relation to paper work, title, etc ? For instance, if i were to buy a tax lien of a property in which the property owner borrows $ from a hard money lender, how do I find out about this story ? does the lender allow the person to sell the property then payback the borrowed $ ,etc ?