DOES ANYONE KNOW OF A TRUE HAR MONEY LENDER IN FL. I TALK TO SO MANY AND THEY ARE SCARED TO DO TO DO ANY TRANACTIONS.THERE ARE SO MAY EALS TO BE HAD RIGHT NOW I JUST CANT FIND ANY GOOD LENDERS HELP!
If the hard money lenders are turning your deals down, perhaps you might want to evaluate how good the deals really are in a falling market.
Hard money lenders don’t make any money unless therir funds are out working, but they also don’t make any money if the don’t get paid back. They are cautious about where their money goes and if they don’t see you project as a safe investment, I suggest that you run the figures again.
Or perhaps you simply are not presenting enough information with hard facts and figires. So maybe the problem is your prospectus.
They’re certainly out there. We did over $20 mil in hard money deals this year all over the country.
What i am noticing though is the general reluctance of private and hard money lenders to go any higher than 60% LTV, which means, after you pay your fees, legal, third party, etc., you’re probably looking at closer to 50% LTV proceeds at loan close.
If you’re deal can’t support a 50% LTV loan, that might be why you’re finding they aren’t working out.
if you haven’t done a hard money deal yet, i would suggest speaking to a broker who has, because many hard money lenders, especially those you find with an online search, will tell you whatever you want to hear, collect your fees, and run.
It takes time to find a reputable lender whom you can rely on. When you do, it’s likely they’ll follow you into any market as long as the deal makes sense.
I assume that what you mean by “true” hard money is one based upon the equity in the deal and not based upon borrower attributes like credit score/history, employment, etc.
If this is the case, I’m aware of several that allow a stated or no doc approach to income and assets and depending on what county in FL you are investing in, a program that doesn’t even care about employment/income/assets—all offered at 65 ARV or higher.
A lot of HML’s in FL have gotten more conservative.
I still have a handful that we use with investors that are funding up to 75% of ARV.
More frequently though we are running into credit requirements, and reasonability of stated income. However if the numbers are super strong (55-60% ARV - repairs) then I can get it done NO DOC all day long.