Financing in 85249>Question Details

Starman, Home Buyer in Cooper Commons, Chan...

looking for a good hard money lender what % do you need for these loans

Asked by Starman, Cooper Commons, Chandler, AZ Sat Aug 6, 2011

I am looking to purchase a new home aspa looking for hard money lenders

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Hard money lenders generally require a down payment of at least 25%. Finding a hard money lender who will fund a loan on an owner occupied property will be difficult. Hard money loans are short-term so you will need to explain to the hard money lender how you will pay off the loan. Hopefully you will be able to refinance with a conventional loan in a year or two and pay off the hard money loan.

More information here: http://www.northcoastfinancialinc.com/hard-money-loan-lender-faq/
1 vote Thank Flag Link Mon Aug 31, 2015
There are lots of hard money lenders out there, but lending requirements between them can vary quite a bit. You'll really want to make sure that you check out a lender's requirements before you apply. Otherwise, you could end up wasting a lot of time applying for loans that won't work for you. I've been there, and it's no fun. I found a pdf that compares common lending requirements. It's from a specific company pitching their own loans, of course, but the info is good. Here it is: http://www.dohardmoney.com/pdf/avoid-hard-money-loan-strip-s…
Web Reference: http://www.dohardmoney.com/
1 vote Thank Flag Link Wed Jul 31, 2013
You didn't do your due diligence
Flag Sat Feb 15, 2014
my list is at hard-money-in.com. i worked my butt off making the links go directly to the terms pages and there are at least twenty to choose from in arizona. good luck!
0 votes Thank Flag Link Thu Oct 4, 2012
Hello,

I'm Mr. Bill Gary, a certified, reputable, legitimate & an accredited private money lender.
I loan money out to individuals in need of financial assistance.
Do you have a bad credit or you are in need of money to pay bills?
I want to use this medium to inform you that i render reliable beneficiary assistance as I'll be glad to offer you a loan. No income verifications and no asset evaluations. Please contact now for your Financial solutions. e-mail: bgaryservcom@hotmail.com
0 votes Thank Flag Link Mon Aug 8, 2011
Bill, Im working on a property that comps out that I need financial help with can you e;mail me so we could talk? bob.poska@yahoo.com Thanks Bob
Flag Thu Jun 12, 2014
I have hard money(gold kruggerrands) but you realty deals will not come close to generating the huge ROI as my metal will.
0 votes Thank Flag Link Mon Aug 8, 2011
If you're asking about % of downpayment it's usually a minimum of 30% but they go on a case-by-case basis. Financing for 3-5 years. You'll need to present an "exit plan". In other words, a plan that will get you out of the hard-money loan. The property is a big part of the interest rate and downpayment % requirement.
0 votes Thank Flag Link Mon Aug 8, 2011
In my experience most hard money lenders will charge you around 12% to 15%. Investors use hard money lenders for short term loans, usually not more than 6 months. And in that case the different in interest rate is not too bad.

Hard money is usually not a good option for end buyers, unless you can refinance out of the hard money in a few months to 1 year. If you need more than that to obtain a regular loan, you should probably try to purchase through other means.

Have you considered looking for seller financing homes? These are homes where the seller is willing to finance the transaction. Interest rates will usually be between 6% to 8% or 9%. They will usually give you between 3 to 5 years to refinance. And they typically require between 10% to 20% down.

You can check seller financing homes in Chandler here -> http://www.myfirsthouseaz.com/index.php?filter=sellerfinanci…

You will also be able to check other cities and filter by price range and zip code.

I hope this helps. Good luck!

Jose Dias, REALTOR
(623) 418-5700
Jose@MyFirstHouseAZ.com
Realty One Scottsdale
0 votes Thank Flag Link Sat Aug 6, 2011
Dear Starman:

Hi. here are some hard money lenders on this link: http://lendinguniverse.com/

Here are the least expensive homes (listed first) including bank owned homes iin the Phoenix metro: http://link.flexmls.com/ua943jluwdi,12

Jeff Masich
HomeSmart Realty
Arizona Homes and Land
Web Reference: http://ArizonaHomesLand.com
0 votes Thank Flag Link Sat Aug 6, 2011
Unless you are looking for a home on the courthouse steps or if you have a credit event that is keeping you from buying with traditional forms of lending. As for a lender, I have a lender and I am a Licensed Loan Originator with a large mortgage banker in town. I would gladly talk with you about your options but want to caution you about airing details about your situation on this public forum. Good Luck to you.

Matt Puzz
Licensed Loan Originator
AmeriFirst Financial, Inc.
602-410-9333
apply online on my website
Web Reference: http://www.mattpuzz.com
0 votes Thank Flag Link Sat Aug 6, 2011
Hard money lenders won't lend on a primary residence.

Around where I am, hard money costs about 5 points and 15%. You might be able to negotiate that down a bit, but probably not below 3 points and 12%. (It's probably a bit different where you are.) And, again, that's for investment properties. Not primary residences.
0 votes Thank Flag Link Sat Aug 6, 2011
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
As an owner occupant I would not use a hard money lenders. The risk is too high unless you already have a guaranteed source of money to pay off the loan in the next few months . Hard money is for very short term loans. In fact most reputable hard money lenders will only lend to investors for short term needs. Expect a hard money lender to require 30-50% down payment with interest rates of 10-15% and a requirement to pay the loan off in full in 6-18 months. If you fail to pay the balloon payment when it is due, they will take the house and you will lose your full down-payment.
0 votes Thank Flag Link Sat Aug 6, 2011
Hi Starman,

I have a hard money lender has low rates compared to other hard money lenders. Let me know if you are interested in more information.

All the best,
Ros

Roswell Moore.CMPS
Certified Mortgage Planner
480-422-5095
http://www.ezAZloan.com
0 votes Thank Flag Link Sat Aug 6, 2011
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