OfflineIn many of the hard money sites I have visited they require a certain basement price on a property to provide a loan. Say 60,000 to make the loan.
I have an opportunity to pick up several properties in my area for under 40,000 and as low as 10,000.
THE QUESTION IS:
Will hard money lenders make a loan for several purchase prices added together to meet the minimum requirement to secure a loan??????
PLEASE SHARE ANY INFORMATION YOU ALL MAY HAVE TO THIS SITUATION!!!!!!!!!!!!!
I am very curious to the answer here, didn't want to wait the weekend to find out next week by phone calls.
Thanks,
Jeff
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I'm in the same boat and found all the HML's are wanting 20%-40% down.
How is a new Investor suppose to get going. My Mentor/Coach told me to keep looking and I will find one. My offers are going in at 58% minus repairs and that puts me under there 65% LTV ????
Jason S.
San Diego, CA.
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I am still looking for a good hard money loan as well. Just keep going to re groups in your area and networking and eventually you will find one.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
I used this list I got from http://www.****.com and I have gotten 3 really good lenders from them for deals I have done. It cost a few bucks but I think it was worth it.
JASON - thats where i got the guys that I just used on that Kanasa City deal with the multiple homes. But I will call you monday and talk further about some possibilites.
Anita
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