Hard Money Lender needed for purchase.

If anyone can help or advise, I'd appreciate it greatly! I am going to look at the house tomorrow. If anyone is able to buy it and lease it out to me, I am game. I have fallen in love with this house, but don't quit have my funding in order yet (I know its the opposite order). Thanks!

Lenee,

Is the home from a private owner or is it bank owned? What are the details of the home? If privately owned, will they consider owner financing or maybe hlding a note for a period of 12 months as a down payment and then you could secure your own financing... Im new here but wanted to respond and see if I could maybe offer some suggestions. More information would be good.

A hard money lender is not going to lend you money for a investment you hold for yourself.

Be careful not to generalize every hard money lender. You can find hard money lenders that will allow you funding on purchases for yourself. True, Most hard money lenders prefer not to because people living in the home make it harder for them to quickly foreclose and take the property back.

Private hard money lenders from your own area or the area of the property will be best.

I am a big advocate of finding hard money lenders at the foreclosure auctions. People at the Trustee Sales or Sheriff sales usually need cash. They are either using their own cash or someone's cash. The questions would be: Will they be a hard money lender or who are they using?

It is a great deal! 5 bed/3.5 bath, 4800 square feet. It has 2car attached garage and 2 car detached garage, a pool, sauna, sunroom, 2 fireplaces, basement, attic, playground, outside grill area, and plenty of space. It was recently (last few weeks) appraised at $318,000. It is a foreclosed home owned by a bank. I wanted it for myself, but would be willing to assign it if at all possible. I have been told many times that some hard money lenders will lend for personal purchases. If I can find someone, I would be willing to pay a higher rate of interest with the intention of refinancing (up to 6 months). I just found out that someone else put an offer in as well, so I need to beat $170k. Per the FHA-qualified appraiser, this home will need about $40k in work. Please let me know if you can help!

We knew a hard money lender that loaned for people living in properties, he just charged a higher rate around 9%. He even loaned on properties other investors had bought from him and fixed up. I'll ask a friend of mine and see if i can come up with something. I would say try moohlah but everyone that I know that has tried that only get responses from the lenders that don't work in this area. If you don't mind me asking, where is the house located? I'll ask around then let you know.

I have seen alot of your posts on here and you definately know what you are talking about.

first i just wanna say sorry for asking this question on your thread, and i hope they can help you cause im kinda stuck in the same situation, But the differance in mine is i have a car under my name thats new and paid off so i was looking for a hml that would be willing to give me a loan to purchase a property against my car title (just for security). Is it even possible? I mean i really dont wanna lose my car but to me its completely for the right reason so why not figured it can get my foot in the door.

I know in California there are places where you can get loans like that, but I am not sure if other states do that as well. It may be possible. Some hml actually go by the value of the property instead of your credit. They generally lend up to 70% of the value, but can be limited to 65%. If you have a credit score of 640 or higher I know of a site where you can sign up to get a loan. There is a thread on here that list various hml websites as well. You can check it out. Type hard money lenders in the upper left corner and see what pops up. I may know something tomarrow, I'll let you know.

Thanks so much! Any help is better than none! It is in Indiana.

If I am not able to purchase for myself. I am willing to put in the contract and do the assignment to anyone interested. I saw the house and ABSOLUTELY LOVE IT! Its very spacious, in a nice area (other houses valued between $200k and $500k). Heck, the pool alone and backyard sold me! Call me if you are interested in partnering either way (financing or buying through assignment). I want to put in an offer as I know it will not last. Thanks!

I've contacted a hard money lender myself and trying to get a loan to purchase my first investment.

I've talked to Fairfield Financial Services, Inc. I came to find out that you would have to put the property under contract before they will put the loan request to underwriting. In your contract with the seller make sure to put a clause that said something along the line that you are working with a private money lending source and if that doesn't go through you can get your earnest money back.

I am about to do just that with the property that I want. Hopefully you can acquire that property.

Best wishes,
Meshel

I will say that I will admit that I may have been incorrect so give it a whirl and see what happens.

Please know that when you fall in love with a property, your objectivity can fall by the wayside.

Never fall in love with a property!!!

Thank you for correcting me. Please list some hard money lenders that will fund deals for owner-occupants.

I have looked at almost all of the viable hard money lenders in existence, one's that actually have money to lend and have yet to see where one will fund a owner occupied property.

Allow me to ask you, why hard money? if you don't have any money for a downpayment, how can you justify paying a commitment fee to get the money, the points upfront, the short loan term?

There is alot to this hard money lending that most people do not realize until they begin the process. Some hard money lenders actually require a high credit score, making it tradtional and conventional funding as opposed to real hard money.

I am not trying to discourage you, just trying to enlighten.

James is correct. I have a long list. 20%-30% DP 2-4 points, 680-700 CS 13%-16%!interest rate. This is not to discourage you but to help you to be prepared for what you may come across but do not let that stop you.I am still looking for HML. If I find an I"ll let you know.

to hear from my friend. I believe nstreet has a post on here somewhere about it and anitarny has a thread with lots of info too. I have looked on www.moohlahlist.com and have found lots that go by the property not credit, you have to have comps, pics, and stuff like that. I do know of other websites too but you have to have a credit score of 640 or higher. If you don't know your score you can go there and they give the experian score for free. No trial periods no credit card numbers with something to remember to cancel, just a score:) Yes you do have to have it locked up under contract because you have to put the closing date and all that too.

Sorry for asking,, You want to share that list.

Hello To All:
I am excited but cannot say as to why. I know that makes absolutely no sense, but I will say what I can at this point.

I have located a hard money lender, a real and true one, a rare occurance in the hard money lending business. I am working on a deal where I will essentially be a consultant. My function will be to bring them together with investors who need money.

I can tell you that they are located in Texas, that they fund 100%, that they will fund owner occupied residential deals. The fees are inexpensive and include a through analysis of the property and the deal to ensure that what the borrower is buying is a good deal. They will also deal with a borrower who does not have a property lined up but has a area they are considering.

They will also provide a Proof of funds letter to be used with the borrowers offer, that is real and not just a computer generated one that has no backing from them.

I will keep everyone posted and more than likely it will be posted after the holiday weekend.

They are located in the Western, US not Texas. They lend in AZ, CO, GA, ID, MD, NE, NM, NV, NC, OR, TX, UT, VA, WA and WV. They do investor loans requiring no down payment.

I will keep everyone posted.

If I had to come up with a deposit it, that would be fine. I just don't have the traditional 20%.

It is in Central Indiana.

Are you willing to provide more info? PM me if need-be.

when dealing with hard money lenders money is nver due upfront, fees always come out at closing except small fees such as credit checks. There is a thread on here that talks about that because some people have tried to get hml and paid thousands upfront and got to closing and no hml loan and the deal fell through. I am still waitning for my friend to get the hml info, he sent a message and is waiting for a reply. I'll check the name of the post so you can check it out.

If anyone does use Dean Willy ...
Please let me know the results.

I emailed him last month and he let me know there are fees to be paid upfront . That is illegal , so do not become a victim.

There are ads on here by the name Hocket , James Bone , etc . This guy is a SCAM for sure . I had a property lined up to close on Dec. 28th and he left me at the closing table with no funds and the deal fell through. He also walked away with about 1500.00 too !! Hard lessson to learn , but I did .

Remember , NO UPFRONT FEES to be paid before you are loaned the money to buy real estate.

Now, go out and start doing deals..

Randy S.
Elkton, MD

Once I have put together a deal with these guys to represent them, then the flood gate will open up. I don't ever hardly get replies from anyone here as to what I am doing, maybe people just do not believe or maybe because I am not Joe Jurek or Carol Stinson or one of the people profiled on the shows.

Please know that I am for real and the things I am doing are meant to help people and yes I will make money too.

If I cannot put together a deal with them, than I will provide their information so you and others can go ahead an make contact.

Scam Alert: Lenders from our Classified Ads/ Services area

I am in northern, I was wondering if you were in my area.

There is a difference in what is called "Fees Up Front" and "Fees". It is illegal to charge a fee such as a commission up front. Example: A broker says to you that he/she can get you the loan but it will cost you $600.00 with your application.

It is not illegal for a lender or broker to charge you processing fees, to be paid in advance. These fees would be for such things as appraisal, title work, inspection, analysis of the deal.

Always ask what the up front fees cover and get a itemized list. Never sign anything until you read it and get clarity.