lender needed....

Financing, Hard Money Lenders, Private Money
1

I’ve been an investor for 6 years, 3 of which (the last 3) have been horrible because of a MAJOR con artist taking me for huge amounts of money. Now, my credit is shot, and my loans (which were suppose to be temporary until I got the new properties ready, and could reduce the interest) seem to have become permanent at over 10%. I would like to reduce my rate and/or pull some cash out to catch up on the back items so I can continue to stay on-time. (late fees, extra interest, etc. are killing me). My credit has HUGE errors on it, but I don’t have a the time to wait for the credit to be repaired then wait for the loan to be processed.
I DO have 2 chapter 13s, and 3 foreclosures on my credit (2 of which are because the lenders screwed up, which in turn caused the 3rd.)

If anyone knows where I could get a loan under these conditions, please let me know… I’m in Missouri.

2

Hi Bryan. I’m sorry to hear about your bad beat. That is a spotted record to say the least. The main question here is how old…how old are the foreclosures? how old are the ch. 13’s? How old are the late payments on the mortgages? (and how many lates do you have?)

I worked with the largest sub-prime lender in america for over a year and am very familiar with loans that have similar aspects as your scenario. You can probably qualify for a loan, but you will be limited as to the ltv you can obtain and the rates probably won’t be much prettier than you already have. But it’s worth a shot. As far as repairing your credit. Check out meridiancommonwealth.com…I’ve had several good reports from past clients about this company.

Mark Forsyth

3

Hi Bryan,

Sorry I don’t have any help for you on your current need. However, I’ve worked a lady in St. Louis who is excellent in helping people repair their credit.

If you’re interested in pursuing that, just send me an email and I will give you her contact info.

Good Luck,
Patti Porter

4

Bryan,

Let me know if you found a lender in your area. I am in the Kansas City area on the Kansas side. Also looking for HML’s

Thanks

steve

5

Steve,

Are you looking for a HML to just fund acquisition and rehab deals or to refi loans you currently have?

There are several HML that can help if you are looking to get in and out of the properties quickly.

6

Hi,

I will be in and out of these properties in no more than 90-180 days. I’m not holding anything at this time. I am up against time as closing must be done by 1-20-05.

Any help?

Thanks

Steve

7

Steve,

I’m in St. Louis, kind of close to you.

Most lenders offer 70% arv, 5-6 pts, 14% int. only
(pts and 4 months of payments deducted out upfront) and can close in 2 weeks.

8

Looks good. I sent my phone # to you and my email address.

I have another property that will need closing shortly after this one, maybe less than a week later. It’s a little more $$ but easier rehab.

Waiting to hear from you

Steve

9

Are thing’s starting to look better for you Steve?