Posted by mtg.brkFLA on December 11, 1999 at 14:29:31:
Wholesale lenders work through Mortgage Brokers or Correspondent Lenders. They don’t have a “retail” operation. They don’t advertise to the public. They rely on the above to originate loans for them.
There are " hard money" lenders that service large portions of the country. Their whole gig is a little different from the local “hard money” guys. The local “hard money” guy will lend 65% of the “after repaired value”. The National guys lend on 65% to 70% based on the equity of the home in its current condition. Usually the National guys are good for “foreclosure bail outs” in a Refi situation.
Hope this answers your questions !
mtg. broker FLA