Payal, Real Estate Pro in Los Angeles, CA

Hard Money Lender for trustee sales

Asked by Payal, Los Angeles, CA Fri Feb 1, 2013

I am looking for a hard money lender willing to loans short term money for a trustee sale. My goal is to purchase a property through the hard money loan and then refinance it by traditional lenders. If you know of any, please let me know. Thanks!

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7
evesting, Both Buyer And Seller, Ceres, CA
Wed Jun 12, 2013
Please be careful when using a hard money lender. I purchased a rental by the means you've stated. I purchased using a hard money lender and was unable to refi out of the loan. Since I was unable to refi, I paid the hard money lender cash for the property.

A few years after paying off the loan I was applying for a refi on a different property and that's when I learned the hard money lender sold my home to another company after I paid it off. I found out cause of the credit check buy the refi company. They seen I was paying taxes on the property and asked questions because they didn't see a mortgage on my credit report.

I told the refi company I paid off the loan so a mortgage wouldn't show cause i owned the house free and clear. They then checked with the hard money lender who stated they sold the property to someone else. However, the hard money company has my payoff on record. If the hard money company thought I still owed them on the mortgage I would have received mortgage statements and delinquent payment notices from the lender. I've never received anything after I paid off the mortgage. Now I'm trying to fight to get my money back.
0 votes
Melvin A. Ca…, , Los Angeles, CA
Sat Feb 9, 2013
call me I can help you with a hard money loan you will need 25 % down payment
Melvin Castro
310 930 6572
0 votes
Sona Gallatin, Agent, Santa Clarita, CA
Sat Feb 9, 2013
Do you have a down payment? Why Hard Money loan? Is there a credit score issue?
Call Steve at Midgate (310) 791-0854
0 votes
because he's buying foreclosures at the courthouse steps. There are no lenders that are going to fund these types of purchases...
Flag Mon Jan 12, 2015
carlos parra…, Other Pro, Monrovia, CA
Sat Feb 2, 2013
Call RMC Funding, ask for Rudy.626-584-9824
0 votes
Melvin A. Ca…, , Los Angeles, CA
Fri Feb 1, 2013
call me 310 930 6572 you will need 20 or 25 % down payment depends on the equity of the property you are buying loan for 1 year yoy have to refinance to pay back the loan most hard money lender wont give you a loan unless you are selling the property as a flip and will ask you for 35 % down payment ,
0 votes
Caroline Har…, Agent, Northridge, CA
Fri Feb 1, 2013
Contact Bridgette! She has connections hard money lenders as well as conventional. It's like a one-stop shop for loans. You can call Bridgette at 818-335-0283 or email her (bridgette4re@yahoo.com). Any questions, please don't hesitate to ask.

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__________________________
Sincerely,
Caroline Harabedian
Realtor
RE-Search Concept
8700 Reseda Blvd., Suite 213-B
Northridge, California 91324
(818) 967-9626 mobile
(818) 979-0226 fax
http://www.HomesByCaroline.net
caroline.wcli@gmail.com
0 votes
SERGEY FEDNOV…, Agent, Beverly Hills, CA
Fri Feb 1, 2013
Whats the amount you looking for and LTV?
0 votes
I am looking for loans upto 400K maximum with 25% LTV.
Flag Fri Feb 1, 2013
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