OfflineDG Family,
I am in search for the most Best and Easiest Hard Money Lenders that provide funds nationwide? I do have a list but it may be outdated. Therefore, If anyone can provide me with a list of the top Hard Money Lenders that provide loans nationwide, especially in New Hampshire it would be greatly appreciated! I am also looking for lenders who base the loans strictly on the deal and not on my personal income and financials?
Thanks,
ibuynsell4less-
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I think the best hard money lenders will be the ones that work in your area. Find out who the local investors use. Go to every local Real Estate Investment club meetings that you find. Find out who people are actually using. Local HMLs will have the capability to actually look at your deal, your rehab estimate and give you their opinion on ARV. Some will loan a percentage of ARV, some a percentage of purchase price.
No lender that I know of goes (unless it is transactional funds) strictly by the deal. They will want to see that you have liquid funds available to make the loan payments. Usually 6 months of payments in the bank, they will check your credit for bankruptcy, foreclosure and history of late payments. HMLs will not loan unless they see you can repay the loan.
Private Money is more of what you are looking for.
Good Luck,
Michael
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Thanks Mike for the info, well stated and this info defiantly helps me out!! I do believe that private money is the way to go, I'm just trying to list funding backups for all my buying needs.
Best Wishes,
Justin-
Hi Justin,
I've heard Ann Bellamy is a HML that lends in certain areas of New Hampshire, you can find her on the website Bigger Pockets. She also did a podcast back on March 14 that I listened to and found very informative!
As Michael states above, those generally are the requirements these days. You will need to have your own funds into the deal.
I invest over in Vermont, just let me know if you have further questions.
Good luck - Tom
You're welcome! I'm from Vermont but live in CA now. Still fairly easy to manage the properties even from across the country; it's about having good contacts in place! I buy, rehab, and rent as my strategy and the market in VT is always tight as they seldom allow big apartment complexes to be built.
Regarding private versus hard money, I've passed on both and simply worked with small local banks. Why pay 10-18% when rates are around 3.5 - 5%, even for investment property. Starting out, I found some good owner financed deals and then moved to the banks for other deals.
Hope that helps! I'll PM you.
- Tom