Financing in Orlando>Question Details

blairellis11…, Home Buyer in Orlando, FL

Hard money lender limits...

Asked by blairellis1111, Orlando, FL Wed Oct 10, 2012

If current credit is not good but have enough cash to put down atleast $100,000 towards a new home how much would a hard money lender be willing to lend us towards a new home? Have solid income . We are looking at houses now but don't know what the price range should be.... Thanks for any input anyone can provide...

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As long as your income can justify the monthly payments, your $100k down payment should allow you to qualify for a purchase price of at least $300k. More information here:
1 vote Thank Flag Link Thu Oct 15, 2015
Hi There:

The usually need between 30% to 40% down paymen. So you should be able to purchase a house maybe around $250K, as long as your income ratios are in place.

Let me know if you would like me to email you a few hard money lender contacts so we can get the ball rolling on your home search.

Abraham Bidhendi
Exit Realty Access, LLC
Direct: (407) 744-2533
Fax: (407) 444-9925
Website: Or
Kissimmee Office: 391 N. Main St., Kissimmee, FL 34741
Altamonte Springs Office: 660 Palm Springs Dr., Suite D, Altamonte Springs, FL 32701
0 votes Thank Flag Link Wed Nov 14, 2012

Are you looking for investment property or a home? Why are you looking for Hard Money not conventional loan such as FHA?

I am a member of "Private Money Exchange", its a network of people who has money in self-directed IRAs and foreign investors who are getting low (1%) return on their savings looking to improve their returns. We lend to investors who don't qualify for conventional loans such as FHA or banks.

Generally we lend up to 65% of the value of the house, repeat customers with good track record gets up to 80%. 100% is available if you have equities in other properties.

Check out this website for more info.

What is the location and type of the property you are looking to buy, my network may be able to help you find it possibly at better than market price. I am not a realtor but I may be able give you some advice and tips based on my experience and contacts.

0 votes Thank Flag Link Tue Nov 13, 2012
I going to assume your lifestyle is a little higher than living in a house you can purchase for 100,000 so why not stay around 200,000 to 250,000?

Lots of nice properties in that range and hard money would not be a problem and monthly payments wouldn't keep you up at night.

Dave Lowe, real estate broker
0 votes Thank Flag Link Thu Oct 11, 2012
I am an investor and use hard money on every rehab we do. One of the lenders we use will do long term loans for a buy and hold or owner occupant. Their rates for long term vary between 5-7%. Short term rehab loans are a lot higher. Send me an email and I will forward you their contact information.

0 votes Thank Flag Link Thu Oct 11, 2012
Hi Jack! I am getting ready to do a flip and I have been searching around for a good lender. If you wouldn't mind emailing someone you have used in the past I would greatly appreciate it.
Thank you in advance
Flag Tue Oct 23, 2012
You can make a deal with a seller thats willing to hold paper, and they will finance the purchase if the house is free and clear. Price range will be determined by your income vs expenses. If you figure $500 per $100,000 borrowed, add real estate taxes, insurance plus any other debt the total should not exceed 45% of your total income.
0 votes Thank Flag Link Wed Oct 10, 2012
Hard money loans have no rules, guidelines or standards other than state law. A hard money lender is also called and equity lender, their goal is to be in such a good position on the loan that if you default, they can scoop up your property, sell it quickly and get their funds back plus the equity you put down. Now this may not be true of all hard money lenders, but I would tread very carefully.
Why is your credit bad? With $100k cash, could you take some time, pay off old bad debts and re-establish some good credit so you could qualify for a conventional loan?
0 votes Thank Flag Link Wed Oct 10, 2012
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