Want a FREE list of almost 500 Hard Money Lenders?

Hi Coach thanks so much for your sharing, you will be blessed over many times, many thanks, Jim

There are currently 25 as of 3:00pm (up from 11 last night) people involved in this. 10 more people and we would all call around 15 companies - That really is not a lot.

Think of having unlimited money to do your deals, think of having access to people that would give you money for your real estate deals...WOW!

As of 3:00pm I just finished combining all my lists into one master list and there are 498 people on the list.

Currently the number of states that do not have any lenders with addresses in the state (this does not mean there are not lenders that will not lend in the state just not a physical location) are: 12

from what I understand HML or Hard money lenders still require documentation and bank statements. One still has to have the ability to be able to pay back these loans quickly and to show they have income and or collateral.

HML that lend on residential property must be licensed through their state regulatory agency and through the National Mortgage Licensing System (NMLS). http://mortgage.nationwidelicensingsystem.org/slr/Pages/default.aspx

Borrowers should verify the lenders license through the NMLS in order to prevent problems at closing, as many states require the lender's license number to be listed on the loan documents. If the lenders license is not listed then you may have trouble closing.

Private money lenders, therefore, may be much easier to use.

Just some points for one to consider.

Nate,

I know some investors use the terms HML and PML interchangeably, so I'm wondering if you also mean PML and not just HML?

thank you! I love teamwork!

Here is a good piece I wrote on hard money lenders:
http://www.deangraziosi.com/node/4080

Keep in mind that when we work with lenders even hard money lenders there are some needs to have a license and there other times there is no need. What is the difference?

One of the biggest differences is what the money is used for. For example if a lender of any type lends to anyone that will be purchasing a property for themselves to live in they will need a license. If, however, a lender lends for investment purposes only this can be considered a commercial loan which often does not need a license. This is why companies such as the one that works with Dean ask for an LLC or they will not lend to you. They are a commercial lender / hard money lender that does not need a license because of the way they lend.

If a loan is also given privately, such as a brother to a sister, a friend to a friend, an acquaintance to an acquaintance, there is often no need for a license. When reading in the NASD (National Association of Securities Dealers) an acquaintance is very vague and allows for a lot of interpretation. Other lenders get around the need for licenses by being private lenders as well.

Consider again that there are different types of hard money lenders:
1) Conventional hard money lenders - tied directly to banks.
2) Private hard money lenders - often using their money privately as a commercial loan.

When a loan is given a mortgage or trust deed will / should be created and a promissory note also created defining the terms. Over 15 years of real estate investing experience I have done multiple loans that I never qualified for, never presented my credit score, never showed my bank statements and used only the property I was purchasing as collateral. Why / How? Because I was using private hard money lenders.

The list may consist of both private hard money and conventional hard money. This is part of what we are asking questions for. There are some brokers that broker hard money in the list as well.

This should help.

For clarifying that. Something to consider then. Thanks! Tammy

I have used about a dozen different hard money lenders for my flips. None have been licensed using the excuse that they are making a business loan that happens to be secured by real estate as opposed to a mortgage loan. Is it right? I don't know as I have not looked into it.

NASD wouldn't have any bearing on what is considered an acquaintance for purposes of a loan, that is only for raising the money to loan. Most of the lenders I have dealt with have form private placement memorandums for the purpose of raising money. They can only raise money from acquaintances.

Just to complete the thought the ones I have met that do not raise money via a PPM are simply brokering a loan from a wealthy person straight to an investor, and taking the upfront fees and a spread for the trouble.

Thank you for your comments. You are correct. The point about the NASD has to do with us as borrowers. You speak as though you understand the industry. You can then say we could be considered creating a securities (which the NASD oversee). Almost all of us do not fall under the term of creating securities because we do not fall under their guidelines (see S.E.C. vs Howey, and others). One of the measures of a non-security is that we work with acquaintances. This is why the NASD was brought in.

P.S. Cool list on your site. You have a few that I do not have. I have a LOT that you do not have. Wanna help? Send me a PM with your email and I will send you a section to fill out. Once done I will send you the entire list.

You still have time to jump on the list.

Send me:

YOUR FIRST NAME
YOUR EMAIL ADDRESS

I will send you a section to complete. Once done send it back to me and I will send the entire list - completed. As others finish their sections I will continue to send you updates.

As of last note we had 24 people participating.

4 OF WHICH DID NOT SEND ME AN EMAIL.

User SSHB sent me an email but I could not read it (this website blocks part of it) and I could not reply to them either.

There are 445 on the list (this is after I took out duplicates for phone numbers, web addresses, addresses and company names).

PM me now to be added to the list. As it stands we will be calling 18 companies each. 10 more people participating and we will all call 12 instead.

I will not send the list to those that do not help or post it on this website. Do not miss this chance to have a FREE hard money list. PM me now.

end up with 20-30% of the properties that they 'lend' on.

That's WHY they demand YOU have some 'skin' in the game, because TOO many 'investors' go in 'blind' and don't KNOW the repairs cost, time, etc., it takes to complete the deal.

Either way, they WIN sooner or later.

I've had attorneys, as 'money managers' or HML, tell me that, "They use to, but they ended up with TOO many properties."

HML is costly,but,when used properly, you CAN make some profits!

Run the numbers, cost, and decide.

see link from Michael Mangham
http://www.deangraziosi.com/real-estate-forums/financing-and-credit/8262...

seems like the video is no longer available, or forbidden for just anyone?

I thought about participating but it would be too tempting to add everyone on your list to my site. I will help if you are ok with that.

Also, I am surprised to see that number (20-30%) that lenders take back. I researched one high volume lender that I know and found they have never taken one back.

Kay and Mike,
I find both of you comments about the 20-30% interesting. My focus is a little myopic being California based but prior to some of the predatory protection laws put in place for homeowners I know many companies whose entire goal was to take that house.
Mike I find your comments very accurate.
Kay, It would be great to have a site that offers ethical hard money lenders, I will check your site out.

Having done some hard money loans I hope people allow me to take the property back. I want the properties back because I would make more money.

When we are looking at loans with hard money lenders this take back is important only to understand that many lenders may not give LTV based upon value.

Is this everyone? Definitely not! The lender gets to decide what they will offer.

as Nate states, they make even MORE money!!

All I have to say is I can't to get a list.