Becoming a Hard Money Lender.. - Posted by Dale

import · September 20, 2004, 5:06pm

Posted by cindy brown on September 21, 2004 at 11:37:17:

I think hardmoneyphonebook.com is a good resource for this.

thanks

import · September 20, 2004, 5:06pm

Becoming a Hard Money Lender… - Posted by Dale

Posted by Dale on September 20, 2004 at 17:06:38:

I have some money that I am not wanting to put back into the Stock Market right now. I was told I could use it to be a Hard Money Lender.

I understand what it is, and I really am interested, just want to know what sort of documents do I need to put in place to protect myself when I make a loan, do I file anything with the county against a property I loan on?

Are there any sample “Notes” or Contracts that I can look at or use in becoming a HML?

Thanks for any advice!

Dale

import · September 21, 2004, 2:27pm

Re: Becoming a Hard Money Lender… - Posted by rdla

Posted by rdla on September 21, 2004 at 14:27:50:

All loans in RE should be recorded for safety. You said you understand it but it is more than understanding, you should know appraisal, analyze credit report, review and understand title reports, liens, cloud on title,ownership,LTV, contracts,pricing ETC. Hook up with private lenders on your first 10 deals. I think Title rep and Closing agents plus people in the lending bus.are good source of info.Title co will provide you with sample forms and give you short course on lending laws and procedures. Ask other lenders what they require in paper and coditions if you want to borrow. Be sure all your deals are title insured and borrowers pay for all the cost. Private lenders policy is if you default they forclose they win. If you pay they win too. They are more interested on how much equity you have as collateral rather than credit and income.They are in win win situation though their criteria in lending is diffrent than conventioanl Fannie Mae lenders.
RDLA

import · September 20, 2004, 9:44pm

Re: Becoming a Hard Money Lender… - Posted by John

Posted by John on September 20, 2004 at 21:44:54:

In answer to your question, some of my thoughts,take them as a grian of salt.
I would attend a local REI club and watch and listen. I would find an investor or two that I could partner up with on some deals and use your money and their expertise, you both should make money that way. just make shure you are on title and have agreements in writing and checked by your attorney.
A private money investor to me makes better sense than a HML