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:
I s this a particular reason that you are looking for hard money only? Will these opportunities not fit within conforming guidelines? ???
Do not want to finance them into our names. Basically, buying and then selling after rehab.
Let me know the loan amount you want from the hard money lender? And why not a traditional loan?
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:
What location in Florida are you and your deals? I am in Florida, also and have a few people that are always on the lookout for great deals.
Do you work the numbers to make sure the deals are GOOD deals? Do you sign contracts and then assign it to another investor?
I’m in Panama City. Yes, we definitely work the numbers - we don’t want to get stung. Simultaneous closings - is that you are asking? :bouncemulti:
October 13, 2005, 2:12pm
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