How Do I Find a Hard Money Lender?

I am from Lee county Florida looking to buy some property in JAX (Jacksonville FL)

I checked with a few hard money lenders, and they all want to pull credit. This is not done in my area, and I don’t want it done.

I have no problem providing a copy of my 3 credit reports and scores, without my entire social.

There is a house I would like to get financing on. Recent appraisal of $78,000. I would like to borrow 50K or more on it.

There is another one worth about 100K or more that I would like to get 65-75K as well.

It’s good to be carefull with your private information, but I do not understand why you do not want a lender to see your SSN. The SSN is not as esoteric as people make it out to be. If I know someones name, location and approximate age I can find their SSN.

Trying to hide this information is only going to make the lender wonder what else you are hiding.

I could be wrong, but I don’t see this working out well for you.

Just my $0.02

Hello, I must agree with Patrick. Some aspects of a loan are dependent on the credit score. If it is low, so what. It can still be workable. If you have a recent judgement or a bankruptcy, then you have something to worry about.

The reason isn’t so much about hiding my social, as it is that I cannot trust people who say they “need it for their files” and “will not run it”. Months later, when I check my credit, I see numerous inquiries that were not supposed to be there. Getting them removed is a hassle.

I paid cash for a car one time, and they needed my social, supposedly for DMV records or some other excuse, and it appears on my credit.

Too many inquiries can hurt the score.

In answer to the other question, my mid score is 693 and should be higher any time now, as I am starting to get letters back from the credit bureaus correcting some errors.

Besides, what is so wrong with providing a copy of the credit reports that I obtained recently, with scores I purchased recently?

The entire information is there, to see all the good and all the bad. Why does every lender insist on running their own report, when it shows the same information?

I am not the only one who is annoyed at this. I have several friends and acquaintances, investors, who want to run their credit ONLY for conventional financing.

For hard money, if a property is worth 100K and you loan 65K, why do you care if someone had a bankruptcy, foreclosure, prison sentence, AIDS, or any other bad thing against them? Isn’t the whole point of hard money to lend on the value of the property and not the person?

In my area, that is the entire point. I have borrowed money, many times, from different sources and my credit score was never brought up.

One of the first deals I did, I gave my SS# AFTER the closing (but they never ran it, they just needed it for their files.)

With 25 or more deals a year, running my credit every time for every house would probably kill my score.

I certainly understanding running a score for a conventional lender or hard to place loans, but for hard money, or asset based loans, the person, IMHO, needs a pulse.

Most of the HMLs I know of only check credit once, not for each property. Just curious, what happened to the relationships you already have down in FL?

If your score is 693, why are using a HML. There are conventional lenders that offer the same programs with much better terms. Prime + 2? and then this can convert into permanent financing.

As a side note, most of the credit reporting services that a consumer can use to purchase their credit report have scores wich are not accurate. I have seen more than a handful which do not match up with a trimerge that brokers pull. Also, auto and mortgage inquiries can have about 15 pulls in a 30 day period which will only be treated as 1.

Investor5555, I can understand your reluctance to allow your credit to be pulled any more than necessary. However, If you want a Conforming Lender to truly prequalify/preapprove you, they must pull your credit.

I understand that you have already pulled it. However, the consumer scores that you have access to are generally higher than the true scores that lenders see.

Some HML may not require it as it is based off of the scenario. Most that I have spoken with require your credit. You will probably need to find an individual or investor group. A truely private HML, like the ones that you have now, to fit your scenario.

Have you tried this link

Why pull credit for asset based loan?
Why pull credit 25 times a year (# properties I do per year)?
Why does anyone need to pull credit if it is Hard Money, based on the property?
No, I do not want a lender to pre-qualify, pre-approve me. I want a loan, fast. Not some 30-45 process.

Besides, hard money is CHEAPER for me than conventional. Why, because I flip the property in 6 months or less. Take a standard GFE, with all the junk fees, and compare it to a HML. Even if they come out the same, it is much less hassle.

I had a friend, a foreigner, who just got financially raped by a broker. Paid $11K in pts, fees, junk fees, etc. to close on a $200K loan, and his interest is high, has a pre-pay, and is adjustable.

I recently had a conventional lender pull credit on a friend of mine that wanted to rape him as well. The GFE had 0-3 pts on the front end, 0-3 pts on the YSP, high interest rate (7.75 1st ADJUSTABLE with pre-pay) and 10.75 on the 2nd (ADJUSTABLE WITH PREPAY). This is with a 727 mid-score. The payments worked out to about $1000 / mo HIGHER than the current GFE from another lender.

The problem with the HMLs I have locally:

  1. Lender A is doing fewer loans to anyone, since he just buys his own properties now and flips them or fixes them and flips them. He feels that he can make a lot more doing that, and doesn’t want to do too many loans.

  2. Lender B is hard to get a hold of, and most of my deals are time sensitive. When I can reach him, when he is not out of town or out of the country, I am able to use him

I have been funded in 48 hours. A conventional lender cannot do that.

As far as my credit, NOT ONLY did a pull myself, but I AM working on a conventional loan for a different property, and my mid-score was HIGHER than the ones I purchased.

Instead of trying to get inside my head and ask me why this and why that, or instead of being negative and telling me that I will have a had time doing this or that, why can’t people just answer the question about doing loans?

I never said I would not provide my social or my credit report. I said I don’t want it PULLED.

I am looking for a lender who will look at the VALUE of a property, so I don’t have to go through a bunch of hassle each time, like answering a bunch of inane questions.

Why HMLs? Because there is no last minute hidden BS. Most lenders hide all sorts of fees in the loan, and jack up the interest rate at the last minute to increase the YSP. After 30-45 days of frustration getting the loan, most people sign at the closing table, get raped, because they have no other choice.

I would rather pay the pts and fees as agreed, close in a week, and be done without hassle.

I would never use a conventional loan for deals I am keeping 6 months or less. It would be too expensive.

This site is designed for you to ask questions and for others to provide feedback based on their experience/expertise.

If the information that you are receiving is headed in the wrong direction…redirect it. Don’t be an assho$% about it.

Instead of trying to get inside my head and ask me why this and why that, or instead of being negative and telling me that I will have a had time doing this or that, why can't people just answer the question about doing loans?

If you want specific in put Then ask for it!

If you cannot help, you do not need to reply, as your questions and comments have nothing to do with the reality of my circumstances or request.

Maybe if you were a little more specific some of us might not have wasted our time and responded.

Good morning Investor555,

Like I said before, several hard money lenders that service FL can normally just pull your credit once and be happy with loaning to you mulitple times in a year based upon the properties.

HML can fund in 2 weeks if not sooner on properties that are extremely time sensative.

I dont think anyone on this board is trying to get inside your head. All of the mortgaqe professionals here are just that, professionals. You seem to be a very experienced investor who has most of the answers and that’s great. However, as individuals who are trying to help, we have no idea how much time you have invested into this buisness nor do we know the newbie who might be reading your thread for advice.

My recoomendation would be to pick up the phone and call the people who are trying to help you as continuing to post back and forth here is eating up into the your valuable time.

Another common item that comes up, here or in emails to me, is reasons that you NEED to pull my credit … such as, you need to check to see that I pay people back, or my score, or whatever.

If you have a property WORTH $100K and are loaning $65K, why does it even matter if I have 850 score or 200 score? Why does it matter if I am a convict, on death row with AIDS, or Donald Trump? You are protected by the ASSET!

Want to see that I pay people back? I can provide links to public records, showing when a loan was taken out, when it was paid off (sale of property). I can provide copies of my credit report, so you can see the history.

I don’t want it PULLED OVER AND OVER again.

Why is this SO HARD to understand?

I am NOT hiding anything. I don’t want lender A to pull it, then not do the loan, then lender B, etc, etc. By the time lender Z comes around, my report has 20+ inquiries, and I still don’t have a loan.

STOP telling me about prime + loans. Stop with the conventional. I am NOT a moron. Stop with the construction to perm loans.

My question was for hard money.


You know what you get, you get what you pay for, without the hassle and the time invested. I don’t want to pay for dinner and a movie for 30-45 days, and either get dumped or be told that she wants an expensive ring before you get anything.

Quick, easy, no questions asked. Understand? Clear?

I’ll say this one more time for you.

There are HMLs that only pull credit once.

If you choose not to listen then move on. Here’s another site, go share your morning “enthusiasm” somewhere else.

If you do decide to call someone on this board for help and you ever use a tone like what you’re writing on this board, you can be assured of a quick dial tone.

Now you go off and find some properties and stop worrying about those loans.

Remember the ‘Golden Rule’…

He who has the gold makes the rules.

Nothing to hard to understand about that.

Wow! Such a great attitude. It looks like Investor5555 logged off. Maybe they found their “hooker” or maybe they just took the matter into their own hands! 8)

I took the tone after you guys bombard me with irrelevance.

Read the thread.

Apparently, you would rather attack than help.

I explained my situation, if there is someone that can help, great. If not, there is no need to comment.

If the information that you are receiving is headed in the wrong direction…redirect it. Don’t be an assho$% about it. <<

Um, I did redirect it many times. Read the thread.

If you have a property WORTH $100K and are loaning $65K, why does it even matter if I have 850 score or 200 score? Why does it matter if I am a convict, on death row with AIDS, or Donald Trump? You are protected by the ASSET!

Well, I guess when you become president of your own bank you can make those decisions. Otherwise, you asked for input from the money people and you received it.

In the interim, it would appear that the responses from the seasoned members of the club seem to be pretty consistent. Private HML is your only shot of evading the obvious. I hope that someone can assist you.

You might want to work on your presentation though.

Good Luck

Which is what I am looking for. Private HML. My original post was quite clear as to what I wanted. Hard money, no credit pulled.

My tone came after all the other nonsense. It took several posts, being quite calm and clear.

As I see that this thread is going nowhere, I will have to look for other options elsewhere.

I did not ask for the input provided. I stated my needs, and got answered with negativity and irrelevance, as if I was some newbie with bad credit looking for free money.

I have consistently stated that I want an asset based loan. Whatever my reasons are not important.

I thought that this forum would be able to help. The tangential comments are what got me annoyed.

If you had actually taken the time to read the posting rules (first post in every single forum links to the rules), you would realize that asking for folks to contact you about a loan is against the rules. Those that responded to your initial post did so attempting to provide information relevant to your request without breaking the rules.

The forums are for sharing information, not for networking, soliciting or finding a lender. Thanks for understanding and cooperating.

(For those that are confused by the flow of this thread, most, if not all, of the initial poster’s requests to be contacted by a lender were removed.)

(For those that are confused by the flow of this thread, most, if not all, of the initial poster’s requests to be contacted by a lender were removed.)

Yes, they were and apparently by more than one of us!