Offline11Multicorp Inc.
HML Loan Type Residential and Commercial
Lending Area AZ, CA, NV, OR, WA
Contact Mike Goldstein
Address 2010 Crow Canyon Place, Suite 410
City, State, Zip San Ramon, California, 94583
Phone 925-275-9810 x222
Fax 925-275-8181
Web Site www.11multicorpfinancial.com
Email 11@multicorpfinancial.com
1ST American Secured Capital
HML Loan Type Residential and Commercial
Lending Area AZ, CA, NV
Contact TJ
Address 300 West Grand Avenue, #300
City, State, Zip Escondido, California, 92025
Phone 760-802-9630
Fax 760-546-3001
Web Site www.AmericanSecuredCapital.com
Email TJ@300GNI.com
1st California Hard Money
HML Loan Type Residential and Commercial
Lending Area CA
Contact Mike Sanders
Address 4229 Ocean Boulevard, #C
City, State, Zip San Diego, California, 92109
Phone 858-272-5444
Fax 858-272-6644
Web Site www.1stcalhardmoney.com
Email cashquik@****
1st Equity Lending Corp.
HML Loan Type Residential and Commercial
Lending Area CA
Contact Joseph Perez
Address 1026 Marion Drive
City, State, Zip Glendale, California, 91205
Phone 818-553-3829
Fax 818-553-3656
Web Site www.betterloansandrealty.com
Email joseph.perez7185@sbcglobal.net
1st Quick Funding
HML Loan Type Residential and Commercial
Lending Area Nationwide
Contact Ray Shapiro
Address 222-15 Jamaica Avenue
City, State, Zip Queens Village, New York, 11428
Phone 516-204-7770
Fax 516-224-7425
Web Site www.1stquickfunding.com
Email admin@quickfundllc.com
Advance America Property & Finance, LLC
HML Loan Type Residential and Commercial
Lending Area MD
Contact T. Guy Cook
Address 39 Cliffwood Road
City, State, Zip Baltimore, Maryland, 21206
Phone 410-661-8300
Web Site www.aapfllc.com
Email TGCook@AAPFLLC.com
AFC Hardmoney
HML Loan Type Residential and Commercial
Lending Area Florida
Contact Deana Mayorga
Address 4021 West Waters Avenue
City, State, Zip Tampa, Florida, 33614
Toll Free 866-444-4944
Phone 813-387-3800
Fax 813-387-1128
Web Site www.afchardmoney.com
Email deana@afchardmoney.com
All California Home Loans
HML Loan Type Residential and Commercial
Lending Area CA
Contact Chris Goulart
Address 655 English Oak Court
City, State, Zip Brentwood, California, 94513
Toll Free 877-462-3422
Web Site www.aboutcaliforniahomeloans.com/private-money.html
Email cgoulart@aboutcaliforniahomeloans.com
Atlanta Private Lending, LLC
HML Loan Type Residential and Commercial
Lending Area GA, TN
Contact James Melton
Address 1303 Hightower Trail , Suite 101
City, State, Zip Sandy Springs, Georgia, 30350
Phone 770-354-1899
Fax 770-809-5060
Web Site www.atlantaprivatelending.com
Email reiclub@atlantaprivatelending.com
Bluefields Capital, LLC
HML Loan Type Residential
Lending Area GA
Contact Nick Aston
Address 35 Technology Parkway South, Suite 120
City, State, Zip Norcross, Georgia, 30092
Toll Free 866-828-3348
Phone 678-502-5000
Fax 678-502-5030
Web Site www.bluefieldscapital.com
Email info@bluefieldscapital.com
BlueWater Funding, LLC
HML Loan Type Commercial
Lending Area DC, DE, MD, NC, NJ, NY, PA, VA, W.VA,
Contact Neil Siman
Address 4925 St. Elmo Avenue
City, State, Zip Bethesda, Maryland, 20814
Toll Free 866-551-2583
Phone 301-656-6566
Fax 240-766-0609
Web Site www.bluewaterfundingllc.com
Email info@bluewaterfundingllc.com
Brookview Financial, Inc.
HML Loan Type Residential
Lending Area AL, CA, CO, CT, DC,DE, FL, GA, IL, IN, KY, LA, MA, MD,ME,MI, MN, MO, MS, NH, NJ, NC, NM, NY, OH, OK, PA, RI, SC, TN, TX, UT, VA,WA, WI
Contact Steve Petriella
Address 2321 Whitney Avenue
City, State, Zip Hamden, Connecticut, 06518
Toll Free 877-734-2211 ext. 350
Phone 203-230-8500
Fax 203-248-1771
Web Site reiclub.com/hml
Email rehabs@brookviewfinancial.com
California Hard Money
HML Loan Type Residential
Lending Area CA
Contact Neill Phillips
Address 8574 Alpine Avenue
City, State, Zip La Mesa, California, 91941
Phone 619-920-7685
Fax 619-819-8824
Web Site www.californiahardmoney.biz
Email sdreloans@****
Capital Trust
HML Loan Type Residential and Commercial
Lending Area MA
Contact Dan Burke
Address 404 South Huntington Avenue
City, State, Zip Boston, Massachusetts, 02130
Phone 617-971-9700
Fax 617-983-3541
Web Site www.ecapitaltrust.com
Email danburke@ecapitaltrust.com
Creative Lending Concepts
HML Loan Type Residential and Commercial
Lending Area CA, TX
Contact Aaron DeCollibus
Address 6700 East Pacific Coast Highway, #140
City, State, Zip Long Beach, California, 90803
Phone 562-431-5555
Fax 562-431-2979
Web Site www.socalhardmoneylender.com
Email capital4you@****
CT Capital
HML Loan Type Residential and Commercial
Lending Area FL, OH
Contact Stephen Bartlett
Address 6300 NE 1st Avenue, Suite 200
City, State, Zip Fort Lauderdale, Florida, 33334
Phone 954-343-2436
Fax 954-351-0996
Web Site www.ctcapitallending.com
Email sbartlett@ctcapitallending.com
Delta 8 Capital
HML Loan Type Commercial
Lending Area OK, TX
Contact Carolyn Apodaca
Address 508 Liberty Court
City, State, Zip Colleyville, Texas, 76034
Phone 469-964-6837
Fax 817-796-2875
Web Site delta8capital.com/
Email carolyn@delta8properties.com
DHLC Investments, Inc.
Lending Area CO, TX
Contact Rob Barney
Address 5440 Richard Avenue
City, State, Zip Dallas, Texas, 75206
Phone 972-467-6547
Web Site www.dhlc.net/
Email needcashfast@dhlc.com
Ellis Management Company
HML Loan Type Commercial
Lending Area NM, OK, TX
Contact Hal Rowland
Address 2825 Wilcrest, Suite 300
City, State, Zip Houston, Texas, 77042
Phone 713-952-8022 Ext. 106
Fax 713-334-7166
Web Site www.ellismanagementco.com
Email hrowland@ellismanagementco.com
Equity Development Corporation
HML Loan Type Residential
Lending Area DC, FL, KS, MD, MO, NC, PA, SC, TX, VA
Contact Shawn Skiff
Address 4640 Shore Drive, Suite 113
City, State, Zip Virginia Beach, Virginia, 23455
Toll Free 888-460-9096
Phone 757-460-9096
Fax 757-460-4079
Web Site www.equitydevelopmentcorp.com
Email info@equitydevelopmentcorp.com
Gala Resources LLC
HML Loan Type Residential
Lending Area CT, DC, MA, MD, NJ, NY, PA, VA
Contact Loan Officer
Address 1212 Avenue of the Americas, 6th Floor
City, State, Zip New York, New York, 10036
Toll Free 800-372-3393
Phone 212-302-8840
Fax 212-302-8832
Web Site www.GalaResources.com
Email loans@galaresources.com
Hawkins Capital
HML Loan Type Commercial
Lending Area AK, AZ, CA, CO, ID, NV, NM, OR, UT, WA, WY
Contact Gentry Jensen
Address 39 East Eagleridge Drive, Suite 200
City, State, Zip North Salt Lake, Utah, 84054
Phone 801-936-5100
Fax 801-936-1491
Web Site www.hawkinscap.com/
Email gjensen@hawkinscap.com
Investors Commercial Capital, LLC
HML Loan Type Commercial
Lending Area DE, NJ, PA
Contact Barry Sharer
Address 1103 Laurel Oak Road, Suite 105B
City, State, Zip Voorhees, New Jersey, 08043
Phone 856-435-0808
Fax 856-435-5240
Web Site www.icclends.com
Email info@icclends.com
Ionian Capital
HML Loan Type Residential and Commercial
Lending Area CA
Contact Steve Mason
Address 925 Lakeville Suite 321
City, State, Zip Petaluma, California, 94952
Toll Free 800-901-2111
Phone 707-769-4731
Web Site www.westcoasteloan.com
Email info@westcoasteloan.com
Lending Associates
HML Loan Type Residential and Commercial
Lending Area AK, AL, AR, AZ, CA, CO, GA, HI, ID, MD, MA, MI, MN, MO, MS, MT, NC, NH, NV, NY, OK, OR, RI, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
Contact Edward Spooner
Address 7777 Fay Avenue, Suite 130
City, State, Zip La Jolla, California, 92037
Phone 858-551-5007
Fax 858-551-5006
Web Site www.lendingassociates.net
Email info@lendingassociates.net
Lighthouse Capital Funding, Inc.
HML Loan Type Residential and Commercial
Lending Area Nationwide
Contact Loan Officer, Reference REIClub
Address 15332 Antioch Street, Suite 540
City, State, Zip Pacific Palisades, California, 90272
Phone 310-230-8335
Fax 310-230-8336
Web Site www.lighthousecapitalfunding.net/terms.htm
Email reiclub@lighthousecapitalfunding.net
LoanSum, LLC
HML Loan Type Residential and Commercial
Lending Area Missouri
Contact Mollie Bixby
Address 11821 Adie Road
City, State, Zip St Louis, Missouri, 63043
Phone 314-971-7999
Fax 314-995-8515
Web Site www.loansum.com
Email customerservice@loansum.com
Markour Funding & Investments Inc.
HML Loan Type Residential and Commercial
Lending Area AZ
Contact Jim Tannous
Address 14350 North Frank Lloyd Wright Boulevard, Suite 14
City, State, Zip Scottsdale, Arizona, 85260
Phone 480-734-0845
Fax 480-477-6445
Web Site www.markour.com
Email jim@markour.com
North American Capital, LLC
HML Loan Type Residential and Commercial
Lending Area Nationwide
Contact Mark Cleaton
Address 2001 Bryan Street, Suite 3110
City, State, Zip Dallas-29.95, Texas, 75201
Toll Free 877-594-6461
Phone 214-485-2800
Fax 214-999-0478
Web Site www.hardmoneycorp.com
Email info@hardmoneycorp.com
Northwestern Financial
HML Loan Type Residential and Commercial
Lending Area MI
Contact John Collins
Address 28345 Beck Road, Suite 209
City, State, Zip Wixom, Michigan, 48393
Phone 248.869.0044
Fax 248.869.0045
Web Site www.nwfhl.com
Email John@nwfhl.com
Onward Financial
HML Loan Type Residential
Lending Area GA
Contact Brad Thomas
Address 4780 Ashford Dunwoody Road, Suite A457
City, State, Zip Atlanta, Georgia, 30338
Toll Free 877-303-3642
Phone 770-390-9918
Fax 770-350-7678
Web Site www.onwardfinancial.com
Email info@onwardfinancial.com
Peachstone Capital, Inc.
HML Loan Type Residential
Lending Area GA
Contact Wade Munday
Address 4780 Ashford Dunwoody Road, Suite 213
City, State, Zip Atlanta, Georgia, 30338
Phone 770-379-1099
Fax 404-806-6133
Web Site www.AtlantaHardMoneyLoans.com
Email wade@AtlantaHardMoneyLoans.com
Piedmont Capital Lending, LLC.
HML Loan Type Residential and Commercial
Lending Area GA
Contact David Doughty
Address P.O. Box 1578
City, State, Zip Roswell, Georgia, 30077
Phone 678-292-6984
Fax 770-807-0232
Web Site www.piedmontcapitallending.com
Email info@piedmontcapitallending.com
Pro Source Loans
HML Loan Type Residential and Commercial
Lending Area AL, AZ, AR, CA, CO, CT, DE, DC, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY
Contact Ike Childress
Address 27020 Cedar Rd , Suite 111
City, State, Zip Beachwood, Ohio, 44122
Toll Free 888-453-2445
Phone 888-453-2445
Fax 888-453-2445
Web Site www.prosourceloans.com
Email info@prosourceloans.com
Quickloan2u.net
HML Loan Type Commercial
Lending Area Nationwide
Contact Mike Fahan, Sam Kazuka
Address 2725 Rocky Mountain Avenue, Suite 457
City, State, Zip Loveland, Colorado, 80538
Phone 650-720-0253
Fax 650-284-2204
Web Site www.quickloan2u.net
Email 101access@****
Remington Financial Group
HML Loan Type Commercial
Lending Area Nationwide
Contact Mike Allen
Address 8655 East Via De Ventura
City, State, Zip Scottsdale, Arizona, 85258
Phone 480-659-5186
Fax 480-661-3976
Web Site www.remingtonfg.com
Email mallen@remingtonfg.com
SDI Funding
HML Loan Type Residential and Commercial
Lending Area AL, GA, NC, SC, TN
Contact Jeff Hammer
Address 107 West Antrim Drive
City, State, Zip Greenville, South Carolina, 29607
Toll Free 877-700-0734
Phone 864-233-3337
Web Site www.sdifunding.com/contact_reiclub2.htm
Email jhammer@sdifunding.com
South Street Funding, Inc.
HML Loan Type Residential
Lending Area NC, SC
Contact Bill Worsley
Address PO Box 1136, 452-J South Main Street
City, State, Zip Davidson, North Carolina, 28036
Phone 704-987-9393
Fax 866-581-0168
Web Site www.southstreetfunding.com
Email bworsley@southstreetfunding.com
Streamline Funding Group
HML Loan Type Residential and Commercial
Lending Area TX
Contact Minka Anderson
Address 9414 Anderson Mill Road, Suite 102
City, State, Zip Austin, Texas, 78729
Phone 512-250-8757
Fax 512-249-2803
Web Site www.streamlinefunding.com
Email info@streamlinefunding.com
Sunrise Financial
HML Loan Type Residential and Commercial
Lending Area CT
Contact Juan Salas
Address 205 Church Street, 3rd Floor
City, State, Zip New Haven, Connecticut, 06510
Phone 203-498-6094
Fax 203-643-2214
Web Site www.sunrisefg.com
Email admin@cthardmoney.com
Tall Bridge Capital Partners, LLC
HML Loan Type Residential and Commercial
Lending Area DE, FL, NJ, NY, MD, PA, VA
Contact Jason Harkavy
Address 2 Bridge Avenue, Building 2, Second Floor
City, State, Zip Red Bank, New Jersey, 07701
Phone 732-933-8730
Fax 732-782-0407
Web Site www.tallbridge.com
Email jh@tallbridge.com
The Norris Group
Lending Area CA
Contact Craig Hill
Address 6391 Magnolia Avenue, Suite C
City, State, Zip Riverside, California, 92506
Phone 951-780-5856
Fax 951-780-9827
Web Site www.thenorrisgroup.com
Email craig@thenorrisgroup.com
Valuation Mortgage Capital
HML Loan Type Commercial
Lending Area FL, SC, GA, NC
Contact Tim McLeod
Address 515 East Las Olas Boulevard, Suite 860
City, State, Zip Fort Lauderdale, Florida, 33301
Phone 954-636-2619
Fax 954-793-4783
Web Site www.valuationmortgage.com
Email tsm@valuationmortgage.com
We Fund Houses, LLC
HML Loan Type Residential
Lending Area TX
Contact Adam Arnette
Address 1401 Elm Street, 41st Floor
City, State, Zip Dallas, Texas, 75202
Toll Free 800-823-1240
Fax 800-823-1305
Web Site www.WeFundHouses.com
Email adam@wefundhouses.com
Zinc Financial, LLC
HML Loan Type Residential and Commercial
Lending Area AZ, CA, NV
Contact Todd Pigott
Address 2525 Alluvial Suite 281
City, State, Zip Clovis, California, 93611
Phone 559-326-2509
Fax 888-761-8577
Web Site www.zincfinancial.net
Email info@zincfinancial.net
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
thanks for the hard money lenders information. it's very helpful and i really appreciate it. thanksso much.
dee
I'm calling all these that apply to my situation today! Thanks for this list!
God Bless!
Andrew
"Be very careful, then, how you live- not as unwise, but as wise, making the most out of every opportunity..." Apostle Paul writing to the church in Ephesus
I needed to know where some were after I read that Dean's list of HML was out of business.
Thanks so much for this incredible , comprehensive list... It's nice to have a compendium of lenders here on the site...
Randy
If anyone has used the services of any of the above companies I would appreciate feedback -- I've got some investors new to the investment market & are hoping that I direct them to credible companies. Thanks
Moolah even though you had posted this sometime back, I have been trying source some lenders so this list will come in very handy, I appreciate the fact that there are people out there that are willing to help others. God Bless!
P.S.
What is your take on using HML's (good or bad)
Thanks for the list. I book marked it so I'll have it.
lbrown
Hey.... Thanks guys for getting this info out.... You rock... God Bless and much Success to all.
Daniel
Great list, should help out a lot of people trying to fund their RE projects.
____
Hard Money Lenders
Great info for me, I've got one under contract for 12,000 FMV low end is 46,000 and if I could get 20,000 for fix up and expenses estimated FMV about 80 - 90,000. I looking for a hard money lender asap. Thanks again. If someone has any other info I should know asap, e-mail me at bobbytaylor55@****
OK, I hate to be a skeptic, but has anyone tried these lenders, and, if so, with what degree of success? What are their lending criteria?
Please answer me directly through my Web site.
If you want to branch out into the Texas Panhandle, I would love to represent you on the front end and on the back end. My agency is the HUD brokerage for the Texas Panhandle.
Thanks,
Rick Allison, REALTOR (TM)
Amarillo, Texas
www.AmarilloHome.NET
Yahoo or Windows IM: rsejr12345
Rick Allison, Realtor
Amarillo, Texas USA
Find comps, private lenders and cash buyers nationwide: www.TheRealEstate.PRO
Foreclosure and pre-foreclosure search engine: http://tinyurl.com/b6w7h6o
The People Helping People Movement: www.greatEPXsite.NET
Wow thanks for sharing the HM Lender's list I will be utilizing this ASAP
MJ
MaryJane
Thank you for sharing the hard money list.It is very helpful.
If you want to learn about a hard money lender and their terms take action yourself!! Call or email any lender you are interested in working with and tell them you want to get pre qualified for their hard money. When you get their info read it carefully, call or email them with any questions.
When done you should know how much they will lend. (usually 70% of ARV)
How many points and what interest rate and length of term.
Take action and learn!!
Good luck,
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Thanks for mentioning The Norris Group in your list of hard money lenders. We only work with Southern California real estate pros at this time. We closed over 300 deal in 2010 and expect 2011 to be even busier. We're also moving to a brand new building and now we offer hard money loans directly to IRAs.
We've been asked about this for about one year. Several of our advanced investors have large self-directed IRA accounts that they'd like to flip properties in. We now have the ability to offer non recourse hard money loans to the IRA.
Here is our updated mailing information:
The Norris Group
1845 Chicago Avenue, Ste. C
Riverside, CA 92501
Tel: (951) 780-5856
Fax: (951) 780-9827
www.thenorrisgroup.com
www.TNGtrustdeeds.com
We also created a separate site for private money lenders and trust deed investors. I think you'll find the videos, resources, and our deal blog very helpful. Thanks again for the mention.
Aaron Norris
The Norris Group
6391 Magnolia Avenue, Ste. C
Riverside, CA 92506
Tel: (951) 780-5856 x108
Fax: (951) 780-9827
http://www.thenorrisgroup.com
http://www.TNGtrustdeeds.com
Specializing in California hard money loans and trust deed investing since 1997.
Any know of any HML that work in OHIO ?
What I see there is a bunch of wanna bees getting info from other wanna bees, none of which have any money themselves! Thousands of new investors trying to build their buyers list with thousands of like minded new investors trying to build their buyers list. I am sure there are 5 or 10 actual buyers with funds looking to PURCHASE properties on there somewhere or have ACTUAL wholesale deals for sale! Just like anything, the old 2% rule.
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Michael: You are a hoot, but your are correct. No shortcut to building a true buyers list.
Jason: Thank you for posting this information. Btw, how long did it take you to compile and type this list?
Steve
We seldom get what we want, but we will always get what we expect.
I agree with Mike, I noticed the same thing when I was looking for a buyer that fit the home i had. The site is mainly newbies looking to build a buyers list.
Greetings,
We are a DIRECT Hard Money Lender out of N. San Diego serving the entire state of CA! We wll lend up to 65% LTV OR 65% of the purchase price for acquistions. Our rates range from 9-13%, we offer both 1st & 2nd trust deeds, and most of our loans close WITHOUT a appraisal!..We also give approvals in less than 24 hours!
Visit our website at www.ChristiansenCapital.com or call me direct at
(760) 637-9874.
Jason Christiansen
President
Christiansen Capital
705 Pier View Way Ste. D
Oceanside, CA 92054
Toll Free: (800) 760-8680 ext. 101
Direct: (760) 637-9874
Fax: (800) 359-2110
Jason@ChristiansenCapital.com
www.ChristiansenCapital.com
DRE # 01465319
NMLS #385686
*Also, before you contact any "lender" make sure to not be dooped into paying "due diligence" fees and ALWAYS google the name of the lender to make sure they are legit (google, rip off report,etc)!...If they've burnt anyone it'll be on the web and you'll know to stay away!
When done you should know how much they will lend. (usually 70% of ARV)
How many points and what interest rate and length of term.
Take action and learn!!
Good luck,
Michael Mangham
MD Home Acquisitions LLC
I'd like to find the thread "Truth about Hard Money" and bring it up for everyone
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
When done you should know how much they will lend. (usually 70% of ARV)
How many points and what interest rate and length of term.
Take action and learn!!
Good luck,
Michael Mangham
MD Home Acquisitions LLC
I'd like to find the thread "Truth about Hard Money" and bring it up for everyone
Whats the "Truth about Hard Money". I want to know
Hard Money Lenders vs. Private Lenders vs. Mortgage Brokers:
Hard money lenders (HMLs) are lenders that are private companies or people that use their own money to invest in real estate. They are currently investing in real estate and know what they want to lend on.
There are 2 different kinds of HMLs: private and conventional. Private HMLs are just like they sound - private and creative. Conventional HMLs are just like banks – hard to work with, and plenty of hoops to jump through while pulling credit, checking income, and requiring a lot of paper work.
Private Lenders (PLs) are lenders that are private companies or people that use their own money to invest because of the potential return on interest.
Mortgage brokers finance for long term purchases. If you plan to do quick cash deals, these lenders are not usually for you. If you do a short term loan with a mortgage broker, the mortgage broker will often get mad. Why? The bank they brokered the loan for will want the money paid to them from the bank back with other fees. The broker won’t work with you many times if they get hit with fees and have to return their commissions. Mortgage brokers usually take 3-4 weeks to close.
HMLs are creative because they can be private, so they decide what to invest their money in. They do not have the stipulations that banks have. Banks are not in the business of holding properties. Banks want you to pay your payments and will only lend to those that meet very specific criteria. They only want high caliber credit, long term borrowers.
However, HMLs are used to owning property. They will take more risks with borrowers because they may make more money if they get the house. Lots of people think HMLs are too expensive, yet they can do deals fast. Many times, the quickness of funding these loans allow investors better purchase prices and beat out the competition who can’t get funding as quickly.
Since HMLs work with their own money, they can loan money for full purchases, wrap closing costs into the loan, pay for fix up costs, take a second loan, take less interest while sharing profits, partner on deals, and provide different combinations of any loans. Another important reason HMLs are used is because they have cash. Cash is King, and cash can close in a matter of days and sometimes in just a day.
This is important when doing short sales or other needed quick closes. In a short sale, a lender may call you to accept your offer if you can close by the end of the month – which is in 4 days. Conventional financing cannot close this quickly, but HMLs can!
General HML terms:
- Interest Rate: 12-18%, interest only;
- Points (percent of loan amount): 2-5 points;
- Term: 5 years or less; and
- 60%-75% LTV or ARV.
However, when using HMLs, you've GOT to have your exit strategy in place beforehand because any anticipated profits could be wiped out easily without same. That's the reason they call it hard money!
Hope this helps, D!
What to look for in a hard money lender:
Start an excel spreadsheet, and for each lender you call, create a separate page for each lender and write down the following questions and each lender’s answers:
What is their interest charged?
What are the points they charge?
Do they require points to be paid at closing?
Will they take the point on the “back end”, or as part of the loan?
Will they do 1st, 2nd, 3rd position loans?
Will they pay for fix up costs?
Do they work off ARV or LTV?
What percent of the ARV or LTV will they lend?
Will they allow you to make payments after you sell the property or every other month or quarterly?
Will they allow 2nd or 3rds after them?
Will they pay cash out as long as you are under the ARV?
What is their minimum and maximum amount financed?
Will they loan on residential properties?
Will they loan on commercial properties?
Will they loan on properties at the foreclosure auction?
When is the fastest they can close?
What is required to close quickly?
Do they require a credit check?
Do they require income verification?
What is the loan term? And is there a pre-payment penalty?
This is a point of departure of Qs to ask before you get caught with your pants down when you didn't even know they had their hands in your pockets! Ha!
Look deep before you leap!
Does anyone knows Hard Money Lender(s) in PA that lends based on the property alone but not on credit history?
Also, does anyone has an "elevator speech" for private funds?
Hello DG Family,
I have a question about Hard money. Are you able to buy a house with a hard money loan and then go to the bank and get a loan for the equity in the property?
André
God is Good
Strength and growth come only through continuous effort and struggle.
http://www.andreinvestment.com
buyer squeeze page: http://www.andre-rent-to-own.com
seller squeeze page: http://www.andrebuyhouses.com
In real estate, all things are negotiable to a point. The second loan would have to pay off the first loan, of course. So far, I have yet to read any stories here of people who have used hard money successfully and affordably, and I have asked. There's a reason why hard money is called such; it's hard to get.
Thanks,
Rick Allison, Realtor
Amarillo, Texas USA
Find comps, private lenders and cash buyers nationwide: www.TheRealEstate.PRO
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