Looking for hard money lender in San Antonio

Financing, Hard Money Lenders, Private Money
1

Hey guys,

I am looking for hard money lender in San Antonio. my score is about 758 with a solid job. How can I find a lender?

2

Are you looking for funds on a rehab based upon the after repaired value?

Generally that is what the hml are being used for.

If so, have you considered trying to use a conventional rehab loan?

There are advantages to using a hml. Speed and Easy qualification. Cost becomes a minute point if your loan is under $100,000. The cost for a conventional loan could be just as much.

3

Thanks for the quick reply

I am looking for hard money so I can do quick closing when needed then refinance. Most of the wholesalers I have talked to want to do fast closing so hard money is one way.

My strategy is buy and hold, and the hard money will be used for quick closing, rehab when needed, then refinance and hold.

4

fadiz,

most hml’s will want at least 20-35% down. the rates will be between 10-15%(generally). the upside is that they can close within 7-12days.

5

Actually this is not correct. HMLs typically loan up to 70% of the AFTER Repaired Value. If you are buying right you can borrow 100% of the purchase and rehab cost.

Rob