Due to the economy Hard Money funding has become most sot after. Hard Money is a complete turnkey financing solution for the acquisition, improvement and flipping of single family & commercial income properties, and non-performing notes! While banks have modified their lending criteria on non-owner occupied residential properties many investors are looking for other sources to fund their investment properties and choose Hard Money aka Private Money Loans.
We are a different type of funder because our private money loans are asset based, we will look at the whole deal and the borrower to determine if your deal should be funded. We specialize in being able to look at your scenario and let you know if there is a shot at funding, or what needs to be done so it can be funded. If there is a way to fund your deal we will. We take the common sense method and require most investors to have "skin in the game" when looking at all of our funding requests.
One of the biggest misconceptions today in the market is that companies like ours will "purchase" the property for you if there is a lot of equity in the property. This is totally false. We need to make sure that you have money in the deal. You are probably asking why. This is simple, if you look back to the crash of 2008, one of the main factors in defaults was that the property owner did not have much financial incentive to keep paying his loan. We need to make sure that does not happen so we would be able to fund your future deals as well. Because each state has its own real estate climate, we make sure that we are knowledgeable about what is going on with the real estate market in your state, so we can provide the best lending programs for you, our client. We are currently looking to fund loans of 100k or greater and up to a 65% loan to value max.
Feel free to take a look at what we offer: http://privatemoneyman.webs.com/lendingbasics.htm
I hope I answered your questions thoroughly. Feel free to contact my partner Al Mills, CFO of High Rises, LLC at 347-450-5769 or myself.
Normalina Martin, Private Lender
We have a list of hard money lenders if you decide to go this route.
Subprime Lending is Back!
With all the guideline changes in the in the lending industry that has locked out self employed borrowers, borrowers who had to short sell there properties due to being upside down and other senarios. By now we had hoped that the powers that be would have put a program in for self employed borrowers and not disqualify them because of there write offs. California is the only state currently able to still offer stated loans, why just California I don;t know. The Subptime program is not a stated program, income doc are required, W2's, tax returns or bank statements to verify income. The loans require 20 to 35% down. Debt to Income ratio varies depending on borrowers income, fico scores accepted down to 500. If you have been denied or turned down for any reason give me a call to discuss your loan request.
Newbridge Home Loans
713-777-9996 Ext 103
You can find the answers to what had money is or who hard money lenders are by looking at this site....
Its a faq sheet that tells you more about hard money, lending, and who you should choose for the type of investment you want. I really recommend reading it and then looking for more answers on the internet.
Hope I helped.
Again, I am not a lender, you need to talk with them.
Kevin D. Brown
NMLS # 6395
Financing Kentucky One Home at a Time
United Real Estate Dallas
United Real Estate Dallas
Hard money lenders are usually private investor. Their loan term is usually from 6 months to up to a year at a 15% APR. They are generally used by house flipper and not recommended for your home steam property.
If your credit score is at 700. My lender can definitely help you with your financing. You can email me at firstname.lastname@example.org and I can connect you with them. We can generally help anyone who has a credit score with 630 so you are way better than our average clients.
JP and Associates Realtors
If your credit score is 700, I would recommend you talk to a local mortgage banker, someone who specializes in writing mortgages, and find out if there isn't something you can do in the short term to either qualify to buy right now or in the near future. It sounds like that would be a much better option for you.