Thread: Hard Money

Hello Suzette-

You don't say where you are located - and not all hard money lenders operate in all 50 states.

My advise would be to google the term "hard money (your state here)". That should turn up some results for you to begin calling. Furthermore - do your homework and shop around for the best deal. Also - be prepared to answer the following questions on the first call: how much you want, for what term, and how you anticipate repaying the loan. What is the purpose of the loan, a description of the property your mortgaging and any current mortgages. Your household income, credit score, and ballpark net worth. If the money is for the purpose of buying an investment property - have a proforma cash flow handy having already anticipated mortgage payments and calculated a debt/income ratio for the property. Also - don't go filling out a bunch of online applications. Talk to these people - find you best deal - and make one application.

Good Luck-
Glenn

contact me and I will give you some Hard Money Guys in your area.
We deal with them all over the country.
But you might want to seek out a person who has a Self-Directed IRA or Self-Directed ROTH.
Those entities can loan money on real estate. Most people with IRAs and ROTHs have been hammered good the last year and a half.
While this year is up maybe 20%, over all the investment vehicles are probably down 20% over that time.
So offer someone 9-10% if their IRA would lend you money. That's a whole lot less than Hard money at 15-16% (and some places 18%).
And if the IRA does not have enough money to cover your loan, the IRA can BORFROW money fully NON-RECOURSE to the owner of the IRA. He only needs a driuver's license to get that money.
If interested in this also, contact me. My e-mail is also my user name here.
Thanks

I would strongly recommend you to do your homework before you take any advise from the forum

Good Luck,
Alex Gates

Alex has a good point. Ask your friends and family and people you trust with such things and then go from there. You can find great information on the internet but it can be risky.

Flap your lips.... Tell everybody about what you do. Somebody will want to share in the lucrative profits you're making in this market (or will make)

I found my biggest hard money lender in a Landlord when I bought his property.

He's been a hard money lender of mine for 3 years now.

What state are you in? I can help with private money in california, otherwise I would suggest searching "(your state here) hard money lenders", which should turn up some good leads.