mpine 0 Report post Posted November 14, 2005 If you have 12 months of on time payments I have the Hard Money loans for you. Requirements: 65%-70% LTV12 Months on time payments, score not important6-8 PointsClose in 5 business days Share this post Link to post Share on other sites
TrueHardMoneyLender 0 Report post Posted May 21, 2006 A person should shop around when looking for hard money. Many such lenders operate locally. A true hard money lender will not ask for a credit score or even payment history. They only look at the equity. Cash back is possible. When you start to push the edges (large cash back, higher LTV) then you start to see people asking about other things such as credit. There are a few larger players but even they do not operate nationally. Here is a simple way to think of hard money. If you find a great deal but you have no money (too many deals at once, etc) then the books and tapes say to find a partner. You will do a 50/50 split of the profits after you return their money. They become your partner and actually will have a say in what you do as a partner. Normally you end up with them on title or something similar. A hard money lender is a silent partner who is looking for a lot less than a 50/50 partner. They remain silent and do not expect to be on title other than as a lender. Hence you get to run your own show. If it works out that a 50/50 split of the profits is better than borrowing on hard money terms most of the time this is because you are dealing with a dog of a deal or the asset is not worth enough (new construction where you need a loan on what might be rather than what is). Share this post Link to post Share on other sites
wleesuccess 0 Report post Posted September 28, 2006 Hi Mike, I have investors seeking HML's. Do you lend in Alabama? What is the min. amount you will on? Do you do blanket loans WilliamIf you have 12 months of on time payments I have the Hard Money loans for you. Requirements: 65%-70% LTV12 Months on time payments, score not important6-8 PointsClose in 5 business days Share this post Link to post Share on other sites
Jrj2820 0 Report post Posted November 9, 2006 If you find a great deal but you have no money (too many deals at once, etc) then the books and tapes say to find a partner. You will do a 50/50 split of the profits after you return their money. They become your partner and actually will have a say in what you do as a partner. Normally you end up with them on title or something similar. A hard money lender is a silent partner who is looking for a lot less than a 50/50 partner. They remain silent and do not expect to be on title other than as a lender. Hence you get to run your own show. If it works out that a 50/50 split of the profits is better than borrowing on hard money terms most of the time this is because you are dealing with a dog of a deal or the asset is not worth enough (new construction where you need a loan on what might be rather than what is).Partners are hard to find since everyone is so skeptical, at least for me so far here in Boston. Share this post Link to post Share on other sites
Glenn (MI) 0 Report post Posted November 10, 2006 I have had a elluva time getting money lined up through HML's. The 2 most recent inquiries into my credit lowered my FICO by 33 points. I haven't been fortunate enough to find a HML who doesn't inquire about my credit score and is more concerned with that than any deal I come across so I stay on the sidelines and read about those who have access to the money to do the deals. Share this post Link to post Share on other sites
Jrj2820 0 Report post Posted November 20, 2006 I have had a elluva time getting money lined up through HML's. The 2 most recent inquiries into my credit lowered my FICO by 33 points. I haven't been fortunate enough to find a HML who doesn't inquire about my credit score and is more concerned with that than any deal I come across so I stay on the sidelines and read about those who have access to the money to do the deals. I feel what you saying,,, Its hard to know what the hell they call themselves hard money lenders when they are still concerned about the same conventional !@#$ everyone else is concerned about Share this post Link to post Share on other sites