HELP What questions to ask?

Financing, Hard Money Lenders, Private Money
1

I know this sounds stupid and I am probably overcomplicating things but I have to ask anyway.

I ran this post on Craigslist:
“Looking for Hard Money Lenders”
I need to find 2-3 hard money lenders or private investors to supply funds for foreclosure,REO and/or distressed property acquisition and rehab. Looking for 6 - 18 month term. 100% financing. 55-70% ARV

Well I got a reply last night and emailed the guy and said I would call him today. Problem is I don’t know what to ask. A situation where “I don’t know what I don’t know”. I am a newbie with NO deals yet. I need to be able to instill confidence, and I know some of that can be acheived if I’m asking the “right” questions. Any help, soon, would be greatly appreciated. Thanks in advance.

2

You’re going to have to figure out how many points and what rate on the loan. The guy will probably want to know your experience level too. If you’ve got potential deals in mind, run some numbers by him.

3

also find out if he wants any collateral to fund your deal. I know the ad says “100% financing” but he still may want you to put up some kind of collateral for the deal. I know I had to do this once, in the form of a lien against a car that i owned. so yeah, check for that sort of thing…