Financing in San Antonio>Question Details

James Sikes, Both Buyer and Seller in Asheville, NC

Hard Money or Private Money ... where do I find it?

Asked by James Sikes, Asheville, NC Sun Apr 7, 2013

We are looking for $29,000 on the 11th of April, 2013, and $7,200 in 6 months.

Buy price is ... $385,000

Sell price is ... $575,000

Location is ... approx 40 miles NE of San Antonio, Texas

We are buying the house on the 11th, and selling it 6 months later, after repairs are done.

We can only pay fees, points, etc, at the 6 month's closing. Can NOT pay up front fees, etc.

As time is of the essence, please let us know if you can assist.

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3
Hey James - Most private/hard money lenders invest/lend locally, so search online for "hard money lenders in San Antonio, Texas." Cheers!
0 votes Thank Flag Link Mon Apr 8, 2013
I have a friend who works in Houston, TX for hard lender, he sent me all the info to include application forms. Send me an e-mail at blessing4354@gmail.com
0 votes Thank Flag Link Sun Apr 7, 2013
You can find hard money lenders at your local REIA (real estate investment club). Go to http://www.creonline.com and find the ones near you.

You can find some private lenders the same way, though most private lenders are found by networking.

However, most hard money lenders won't like your numbers. Based on a formula of 60% of ARV (after repair value), the most you'd be likely to get is about $345,000. You might possibly be able to push it to 65% (about $374,000). And note: Some hard money lenders require the points up front. Others are willing to wait until closing.

If all you're looking for is $36,200, then find a private lender. Start with your local REIAs. An investor-friendly Realtor also might be able to help.

Hope that helps.
0 votes Thank Flag Link Sun Apr 7, 2013
Don Tepper, Real Estate Pro in Burke, VA
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