Looking for a private/hard money lender

Asked by Alen Ramic, Grand Rapids, MI Tue Dec 31, 2013

I need help! I have a stable self-employed job, decent credit and a college degree. I am looking for a hard money/private lender to help me out!
I am in the middle of purchasing a house that is worth twice the amount I need to pay. Initially i got approved by the bank, signed all the paperwork, and was waiting to close.. Then the loan officer screwed me over and said sorry no can do.. you have to be self employed for at least 2 years. I have some cash, and over 20k in collateral that I can hand over to the right private lender. If anybody can help me out I would appreciate it! my email is ramica88@gmail.com.

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Ericlaw01, Home Buyer, Milwaukee, WI
Tue May 2, 2017
Call Vision Stream Line Investments
(414)553-8057
Website: visionstreamlineinvestments.com
0 votes
Tina Lam, Agent, San Jose, CA
Tue Dec 31, 2013
The loan officer wasn't trying to screw you. For most lenders you do need 2 years of employment. That's just standard for a conforming loan.

If you want to borrow with a private lender, you'll need 50% downpayment, unless you use somebody who uses other things you own as collateral. Yes, there's a reason why private lenders will do loans that banks won't. So, tread with caution.
Web Reference:  http://www.archershomes.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more