Due to the economy Hard Money funding has become most sot after. Hard Money is a complete turnkey financing solution for the acquisition, improvement and flipping of single family & commercial income properties, and non-performing notes! While banks have modified their lending criteria on non-owner occupied residential properties many investors are looking for other sources to fund their investment properties and choose Hard Money aka Private Money Loans.
We are a different type of funder because our private money loans are asset based, we will look at the whole deal and the borrower to determine if your deal should be funded. We specialize in being able to look at your scenario and let you know if there is a shot at funding, or what needs to be done so it can be funded. If there is a way to fund your deal we will. We take the common sense method and require most investors to have "skin in the game" when looking at all of our funding requests.
One of the biggest misconceptions today in the market is that companies like ours will "purchase" the property for you if there is a lot of equity in the property. This is totally false. We need to make sure that you have money in the deal. You are probably asking why. This is simple, if you look back to the crash of 2008, one of the main factors in defaults was that the property owner did not have much financial incentive to keep paying his loan. We need to make sure that does not happen so we would be able to fund your future deals as well. Because each state has its own real estate climate, we make sure that we are knowledgeable about what is going on with the real estate market in your state, so we can provide the best lending programs for you, our client. We are currently looking to fund loans of 100k or greater and up to a 65% loan to value max.
Feel free to take a look at what we offer: http://privatemoneyman.webs.com/lendingbasics.htm
I hope I answered your questions thoroughly. Feel free to contact my partner Al Mills, CFO of High Rises, LLC at 347-450-5769 or myself.
Normalina Martin, Private Lender