AHHHHH! - Posted by CurtNY

Posted by FrankPghPA on February 08, 2001 at 08:24:49:

Teresa, I’m not sure what may have happened, but if you copied the URL correctly, you should have received the report. I know I got it as well as others did who sent for it.

AHHHHH! - Posted by CurtNY

Posted by CurtNY on February 07, 2001 at 14:07:44:

Do hard money lenders still exist in NY?

I just have to vent a little. I get a call from this guy who says he’s a hard money lender. He’s returning my call (that I made six months ago) He asks me how long I’ve been investing for and I tell him about 3-4 yrs, he says great, we charge 18% and 4 points, how does that sound to you. No problem I say, so he gets my contact information and says he’s going to have one of the partners call me back, ok no problem. About an hour later the “partner” calls me back, we chat about investing for a few minutes and I ask him for some more details. He says they charge 18% and 4 pts, we lend 80% of the purchase price and up to 20% of the repair estimate, the repairs are held in escrow and disbursed once all the work is done. At this point I almost lose it, 80% Ltv of the purchase price… what? You don’t base your ltv on the after repaired value? He says no we do, we’ll lend 65% of the after repaired market value up to 80% of the purchase price. WHAT!!! You want to charge me 18% and 4 pts for an 80% ltv loan. Urghhhh, why would I pay that much for an 80% ltv loan when I could do better in the subprime market. I tell the guy I currently use private individuals to fund my deals the only problem is I’m limited to the amount funds they have in their retirement accounts, where a hard money lender usually has unlimited funding, if they every start lending hard money to give me call! I’ve been looking for a true hard money lender in NY for six months and at this point I have to tell you I don’t think they exist. Maybe I’m just spoiled, I began investing in South Fl, where the hard money lenders are jumping up and down to get your business. Not only will they fund 100% of the purchase price (some as high as 70% of the armv) but many will actually fund 100% of the repair costs (in escrow of course). Well I feel much better, thanks for listening!

CurtNY

Re: AHHHHH! - Posted by FrankPghPA

Posted by FrankPghPA on February 07, 2001 at 18:07:23:

For info on Hard Money lenders who provide loans nationally, send for a FREE report, "How To Borrow Money Instantly!"
Just send a blank email to: boroinstant@sendfree.com

www.hardmoney.com - Posted by Greg NY

Posted by Greg NY on February 07, 2001 at 14:15:40:

Duh, sorry

Re: AHHHHH! - Posted by Greg NY

Posted by Greg NY on February 07, 2001 at 14:13:39:

Have you tried these guys? If you already have, Are they good? Can you give me some numbers? I’ll looking for hardmoney lenders in NY also. Just starting out, trying to make a line up.

Thanks,

Greg NY

Re: AHHHHH! - Posted by Teresa

Posted by Teresa on February 08, 2001 at 24:45:50:

I just sent an email to that site and I got back an advertisement for placing my ad there. I would like to know about hardmoney loans. Was I supposed to do anything else.
Teresa