Financing in 94582>Question Details

Busymomca3, Both Buyer and Seller in 94561

looking for private money, collateral is fully paid investment home.

Asked by Busymomca3, 94561 Mon Jun 6, 2011

The loan can be short term or long term. Loan to Value ratio preferrably 65% but can work with 50%. Is it possible? are there any private lenders not sharks? Thanks

0 votes Share Flag Financing in 94582

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Iron Oak Home Loan has many programs in this area. Very nice, experienced people who will work hard to get you what you need.

Please call Rich Mendoza, (925) 803-2465,, or Scott Liming, (925) 803-2462,
0 votes Thank Flag Link Fri May 24, 2013
If you have a good credit score and are just unable to show your income, I have some stated and alt doc loans with APRS under 3.625% up to 3.5 million. We fund very fast.

Rich Littlefield
Pactrust Bank
0 votes Thank Flag Link Thu May 9, 2013
I'll just add to Shane's great response.

The hard money lenders I KNEW, who were in business pre 2007 are currently in the asset management business from all the properties they took back. Most are not writing new loans. If you need private money to buy it's because the need for the money is risky. With that sort of collateralization though I would expect there is a lender who could do that loan for 9 or 10%
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0 votes Thank Flag Link Sun Jun 12, 2011
You are not going to receive private money at bank rates and fees. The lender we broker to has no upfront fees. They have been in business over 40 years. They will usually fund in less than 15 days. Currently their rate is between 10.50% to 11.50% with a 4 point origination fee. If you are interested, please contact me.

Happy funding, Rudi
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0 votes Thank Flag Link Tue Jun 7, 2011
As you are looking for a loan, the first place to try would be your bank or credit union. If you need to go with private money, then it is a very good idea to get a referral from a friend or other source such as others here have listed.
Make sure you talk with several loan officers, as with any big purchase, it is best to get several offers or bids for you to compare. You want to make sure that you are getting the right loan for you and your situation.
We do not make loans, but we service loans for private parties. I'm sure there is a loan for you, it's just a matter of finding the right one.
Good luck to you!
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0 votes Thank Flag Link Mon Jun 6, 2011
I work with private lenders who are charging in the high 5s% and charge 2 points.
0 votes Thank Flag Link Mon Jun 6, 2011
Private/hard money usually ends up being "shark like" rates & terms, but just because the terms aren't the best doesn't always mean the lenders are "sharks" (although they are certainly out there - charge upfront fees and then don't fund the deal). There is a cost to lending on high risk transactions and there is a part of the industry that is willing to help those transactions out, but since the default rate is higher than normal they cover their future losses by charging pretty much everyone those same higher rates/terms.

What I recommend for people who do not know where these reputable hard & private money lenders are, is to visit as a guest (or become a member) of a real estate investing group in your area, as
#1 you'll meet others who have creative financing ideas
#2 you'll likely get some referrals to private/hard money lenders that other people in your area have used with success and
#3 those lenders that they refer to you will be familiar with the general area and will have a better chance of going to a higher LTV than other lenders not familiar with local market conditions, etc.

Here are a few of them near you:
Mt. Diablo Real Estate Investment -
National Real Estate Investment Club in Pleasanton -
Bay Area Wealth Builders in Mill Valley -
0 votes Thank Flag Link Mon Jun 6, 2011
Private money lenders still exist. You can probably google to find some, but you'll have to do your due diligence on them. Good luck.
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0 votes Thank Flag Link Mon Jun 6, 2011
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