Home Buying in Chicago>Question Details

gmott88, Home Buyer in Paris, KY

Does anyone know of hard money lenders in Peoria, IL area for first mortgage, owner occupied homes?

Asked by gmott88, Paris, KY Wed Jul 10, 2013

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7
Call some lenders in Chicago they will do it
1 vote Thank Flag Link Wed Jul 10, 2013
Be very careful with this type of lending on owner occupied
0 votes Thank Flag Link Thu Jul 11, 2013
These are very hard to come by and almost never exist right now.
0 votes Thank Flag Link Wed Jul 10, 2013
Yes contact Jorge Rodriguez from Peoples Home Equity at jrodriguez@peopleshomeequity.com
0 votes Thank Flag Link Wed Jul 10, 2013
Hard Money should NEVER be used to buy an owner occupied home, most states do not allow it or place many regulations on it to keep it from happening. hard money is usually used to buy a property, fix it and sell it within say 6 months as hard money is for a short term with substantial points to renew the 6 month to 1 year normal time frame of a loan.
0 votes Thank Flag Link Wed Jul 10, 2013
Because of changes in state law--what you are asking has become more difficult if not impossible. Loaning to owner-occupied now has very strict rules. Most investors and hard money lenders do not want to lend under the new rules.
0 votes Thank Flag Link Wed Jul 10, 2013
Dear Kentucy Purchaser. Here is a Google link http://www.google.com/#sclient=psy-ab&q=hard+money+lende… I would contact a few and pick the best for your needs.

Best of luck
0 votes Thank Flag Link Wed Jul 10, 2013
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