What hard money lendors would you recommend to your own mother? And why? I would like to start out by seller financing and I am looking for the lenders that would be the easiest to loan from.
Thank you
Rob
If you are looking for seller financing why would you need hard money?
I am under the assumption in order to seller finance the house I would have to own the house and the title. However I would need a hard money loan to purchase it. Then when I have found a buyer paying my mortgage after the first year get them to get financing through thier bank so I can pay off my hard money loan.
Your system will not work if you are using an HML. The closing costs plus interest will make you ZERO money. In addition to that most HML’s do not want their money locked up for 12 months. You need to do a subject 2 or a wrap to make your plan work.