I need a hard money loan of $60,000.00 on a home I own free and clear that is worth $300,000.00. I need the loan for 90 days. Any ideas?

Joebarnettcdg
Both Buyer and Seller
Birmingham, MI

Answers (1)
HHI Investing,...
Both Buyer and Seller
Hilton Head Island, SC
FIRST ANSWER

Hey there Joe....

Without knowing all the details about what you intend to do (rehab...etc), you may also want to look for some Private Money. Using Private Money usually costs less than what a Hard Money Lender would charge you. And Hard Money lenders are getting far and few between.

If you could find someone with a Roth Self-Directed IRA, they could loan you the money at a certain interest rate or you could just split some of the profits with them. There are a lot of people that have their money on the sidelines who would be willing to do a deal with you within their Self Directed Roth. (Unfortunately, I'm not quite up to $60,000 yet because I'm redirecting it into Silver and buying some Tax Liens/Deeds or I'd definitely take a look at the deal to loan you the money). :(

If you are looking strictly for Hard Money, you may want to check out where you local REIA (Real Estate Investor Association) holds their meetings and attend one. I'm pretty sure you'll be able to find either Private or Hard Money there as many Investors know people who know people.

Here is a link to a list of Hard Money lenders as well. And here comes my "big disclaimer": LOL
***(Note: This is merely a listing of hard money lenders and should not be construed as an endorsement. Do your own research.)

http://www.reiclub.com/hard-money-lenders.php

Best of Luck and if I happen to come upon anyone for you, I'll shoot you a message.

Darin
Real Estate Investor

Tue Oct 27 2009, 21:27

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