I have looked through the hard money lenders listed under the resources on REIClub, I have gone to every website someone recommends, and all to no avail.
I am in Florida and run across some really good deals but I’m not having any luck in finding money to purchase these. Help? :banghead:
What type of hard money loan do you want? What are the reasons that other lenders could not do these?
Do you need funds for a rehab too? There are lenders out there that will give you 100% of the funds for purchase and fixing up. Usually this must be within 65-70% of the AVR.
If money is only needed to purchase a property as-is then you should be able to get 100% of the purchase price up to 80% of the as-is value.
Everday we check the county Lis Pendens and foreclosure sales. If there is any equity, we will usually send them a letter. We need investors that we can contact on a regular basis to purchase these properties. Using the normal route to purchase a home could drag out over 30 days. We need to be able to move quicker. :deal:
Try investwell. at pleaseclose . com. They can close quickly especially after the first one you do with them. If you need more info, let me know. Good luck.
I am in Arizona and I need to get a list of Hard Money lenders in this area (Phoenix). This is a commercial deal that I’m purchasing a business but my credit isn’t that great, also I need it done ASAP
We are doing subject to, lease-options, owner financing, etc. We need a lender that will accept second position. Really don’t plan to do much rehabbing. 8)
How exactly do hard money lenders work? Say for instance you were looking at a piece of property that appraises currently for 105k and has a ARV of 130-140k and you could buy it for say 50k and spend 20k on rehab. You would need 70k. How much would it cost you to do a deal like this and how quick could you get the cash? Im in NC. DDC