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.
Exit Realty Access, LLC
Direct: (407) 744-2533
Fax: (407) 444-9925
Email: REOsofflorida@msn.com Or abidhendi@ORLANDOPROPERTIESONLINE.COM
Website: http://reosofflorida.mfr.mlxchange.com/ Or http://abidhendi.orlandopropertiesonline.com
Kissimmee Office: 391 N. Main St., Kissimmee, FL 34741
Altamonte Springs Office: 660 Palm Springs Dr., Suite D, Altamonte Springs, FL 32701
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. http://www.privatemoneyexchange.com/dder/
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.
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
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?