Financing in Phoenix>Question Details

Drasta, Home Buyer in Phoenix, AZ

Is there hard money lender who lends to foreign investors for buy and hold investment for 3-5 years? What interest rate/LTV?

Asked by Drasta, Phoenix, AZ Fri Dec 10, 2010

I have heard there are some.

Help the community by answering this question:


Yes, there are some. Just know that these hard money lenders want the buyer to have at least 40% down payment and 60-65% LTV (loan to value). I'm happy to help. Should you need the names of lenders and more information on our market, feel free to contact me. Thanks and take care.

Natasha Tomlinson
Citywide Real Estate
Direct: (480) 203-4364
0 votes Thank Flag Link Tue Dec 14, 2010
As for LTV, 60% to 65%. Some lenders may include cost of improvements on top of purchase price when calculating LTV.
0 votes Thank Flag Link Fri Dec 10, 2010
Yes, most HM lenders are more interested in the property than the borrower. Should not be too difficult to find a HM lender that will work with you. HM terms vary greatly between lenders. Most have a 6 month to two year terms with a rates of 18%. With 4 to 5 points up front, you can find rates as low as 12%. I have personally used three different HM lenders over the past year and half. Which one I use, depends on the property and which terms work best.
0 votes Thank Flag Link Fri Dec 10, 2010
Absolutely. Give me a call when you are ready to buy.

Richard Bazinet
John Hall & Associates
0 votes Thank Flag Link Fri Dec 10, 2010
There are hard money lenders but they as well as banks have tightened up on their ending practices. They want you to have some sort of down payment and investment into the property before they will loan money. There is really no mor eno money down loans. Interest rates could be 12-18% and points differ sharply among lenders form 2 to 10. Most lend for a 1 year period with points to renew for another year. If you are living overseas, you may have a harder time finding a lender comfortable with you, HM lenders are regional, so hopfully some will see your post here and repsond to you
with some offers,

Please see my blog with tips and advice on buying bank owned homes
0 votes Thank Flag Link Fri Dec 10, 2010
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