Home Buying in San Antonio>Question Details

Paul Salazar, Real Estate Pro in San Antonio, TX

looking for hard money lender for owner occupied home with only 5% down qualifications. Need balloon opt. 3-5 years.

Asked by Paul Salazar, San Antonio, TX Thu Jul 7, 2011

Basic info: sales price 300k, value of approx. 450k, maximum of 5k in repairs.

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Answers

6
Marco has some aggressive hard money rehab loans in Texas, bases a lot off of the fair market value rather than acquisition costs. Marco is in San Antonio.

Marco Bolado
Mortgage Consultant NMLS ID: 222640
Residence Lending, LLC.
Residential/Commercial/Private Money
210.286.8136 cell
210.581.1789 office
210.290.8723 fax
marcob@residencelending.com
1 vote Thank Flag Link Fri Jul 8, 2011
same situation in NC. really looking hard. Willing to pay more back then need to borrow...
threewonderfulkids@gmail.com
Flag Sat May 23, 2015
Reputable hard money lenders are not going to accept a 5% down payment. They need a minimum of 20%. Few hard money lenders lend on owner occupied properties now due to recent government regulations. Any lender who would accept a 5% down payment would have sky-high interest rates, points and require an equity stake, which wouldn't work in an owner occupied situation.
0 votes Thank Flag Link Tue Jun 30, 2015
Looking for hard money lender for owner occupied home with only 5% down qualifications. Open to suggestions/options.

Thanks,

A. L. Harris,
North Las Vegas, NV
anlosvsllc@gmail.com
0 votes Thank Flag Link Fri Apr 26, 2013
we are dealing with one at 5% for investment/re-hab properties but having a problem with owner occupied. Just scanning thru the web to find some options or someone with very creative financing options. Income is there but cash is tied up with other properties at the moment but there is a deal out there with great potential.
0 votes Thank Flag Link Thu Jul 7, 2011
If you find one that will do that... I will hammer them with so much business they will run out of money. Almost every Hard Money Lender I have ever seen wants to see no less than 25% down... Most want to be into a property for 65cents on the dollar...

We would all love you to death if you can find the Hard Money Lender that will lend to a Self Employed person for only 5% down...
0 votes Thank Flag Link Thu Jul 7, 2011
any luck? i am in same position and need help in tennessee ssdigroup@aol.com
Flag Mon Mar 19, 2012
I suspect you probably want to use private money, because most HM lenders won't do loans for more than 18 months, won't accept less than 10% down, and often won't lend directly to owner occupants.
0 votes Thank Flag Link Thu Jul 7, 2011
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