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Joecarpenter,  in Philadelphia County,...

Are there still hard money lenders willing to loan money on single family investment property. If yes, what types of terms are we talking about?

Asked by Joecarpenter, Philadelphia County, PA Thu Jan 27, 2011

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Yes. Try Wade at Peachstone Capital at http://www.peachstonecapital.com/ - tell Wade that Ken Cook sent you. If he can't help you call me. I know a lot of people. I used to own the top conventional mortgage company for real estate investors in Georgia.

Don't confuse the part time agents by using words like "hard money" :) Not sure why agents answer loan questions anyway. I guess to get their points for answering a question.
Web Reference: http://kennycook.com
0 votes Thank Flag Link Thu Jan 27, 2011

I have spoken to three different local lenders in the past 30 days and gotten generally positive responses to the question you have asked at 20% or more down (15% if it is a Fannie foreclosure) assuming that the borrower is credit worthy and the property will appraise.

Since I am not a bank, and I don't know the property or the client, I think it would be inappropriate for me to quote terms in a public space. But if you would like to discuss in private, I'll tell you what I have heard and give you contacts at banks to confirm.

Gary Kaupman
0 votes Thank Flag Link Thu Jan 27, 2011
Yes, HM lenders are still lending on investment properties. Their rate/terms depends upon their investing criteria and your ability to negotiate.
0 votes Thank Flag Link Thu Jan 27, 2011
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