Where are all the hard money lenders?

Financing, Hard Money Lenders, Private Money
1

I have been looking for hard money for two properties I have under contract in Dallas. All the hard money lenders seem to have dissapeared! The few that I know of, that are still around, require full doc, tax returns etc. and still want to charge an arm and a leg!

My problem is that I need to go stated, no tax returns. My fico is over 700 and I already been approved for a refi once the properties are rehabbed.

The loan amounts are on the small side as well…around $40k and $50k roughly for purchase and rehab. The ARV is $75k and $85k.

I have searched the web and nothing so far, except for the ones that want full doc.

Any input appreciated.

2

Unfortunately, the credit crunch and the depreciating markets have forced most Hard Money/Private Lenders to tighten their requirements for funds.

Stated and No Doc type loans are slowly becoming extinct.

3

Do you have deposts that show up in your bank account, which you could prove income that way? Or do you have other income producing property?Christopher