I am looking for a good HML in Santa Cruz Ca. All of HMLs that I’ve talked, seemed to be brokers that offer Hard Money, conventional, etc. They are asking for W2’s, bank statements, and a susbstantial down payment of 30%.
Any suggestions on how to find a real HML? Thanks. Nick Brian.
Nick, this question has been asked more than any other. Hard Money guys are far and few. As the market died out so did they. The no credit, no money days are gone. The few out there will pull your credit and financials because they like the banks were burned. The deal is not good enough on it own anymore because who really knows what its worth. And they need to go after something if it defaults. Brookside Financial in CT is probably the biggest Hard lender but you need cash and money in the bank, i.e, 401k, stocks, property equity, etc. Credit of 640 is a starting point and good chance it will rise. Fixaflip will also lend if its more of a wholesale deal.
http://www.fixaflipfinancing.com/
Nick,
Hard money these days is often worse than conventional financing. They want credit, down payment, reserves and kill you with rates and points. Use private money and you make the rules. With strong credit, reserves and a successful track record you should be able to call the shots.