15K hard money in Ga???? High Interest is OK!! - Posted by BrettGa

Posted by Brett on June 21, 2007 at 11:26:26:

I dont live in the home. It was a rental, but I need aroun 15 k to sell it and improve value.ARV will be around 100-120K. Do you know where I can get this type of hard money from?

15K hard money in Ga??? High Interest is OK!! - Posted by BrettGa

Posted by BrettGa on June 20, 2007 at 09:44:33:

Need some suggestions on acquiring 15 K hard money. I own the home, bought it sub2. Been paying for over 2 years. THe first mortgage is 53000. It is conservatively worth 65 now in present condition. I need 15 k for
New outside siding, carpet, paint, new back porch, fixtures, etc. After repair value will be between 100-120 k. Need it asap though. My credit is descent but not good. Nothing bad, just I like to pay cash for things so I dont borrow that much. Thanks for your time.

Normal 2d HML in my area - Posted by John Merchant

Posted by John Merchant on June 26, 2007 at 13:24:10:

I do this type loan a lot here in WA State @ HML rates, if it’s truly a business/non-residential deal and the ARV can be firmed up as being sufficient to bring the total LTV down to 70% or less of ARV.

When I’m doing one I normally require proof of expenditures before releasing the funds to the borrower so I’m reasonably assured the money’s going into the property.

Also to be sure it’s NOT a residential or personal loan which would be subject to WA usury laws, I quite normally require borrower to get me letter from his own lawyer to the effect that the loan is business and not residential.

Having this letter in my file is pretty good insurance that THAT lawyer isn’t going to be suing me for usury later on, then claiming it was a personal or consumer loan subject to WA usury.

If I were you I’d get onto Craigs List or local newspapers where local lenders advertise and where you’re likely to find the lender you want.

Re: 15K hard money in Ga??? High Interest is OK!! - Posted by michaela-CA

Posted by michaela-CA on June 21, 2007 at 10:22:48:


I don’t ahve good news, but I may be misreading thing sout of your post. Do you live int he home? If so, then you would be hardpressed to get a hardmoney loan due to several reasons:
a) You’re looking for a 2nd. HML typically insist on 1st position
b) Most HML lend between 60-65% of after repair value. So, you’d be cutting it close by the time you hav eto pay oints and closing etc.
c) HML typically don’t lend on homes that are owner-occupied, due to usury laws that would apply.

Not saying, that there aren’t exceptions, just want to let you know what you’re up against.