Posted by Shawn on February 16, 2000 at 24:26:15:
Yes, they are generally referred to as Hard Money Lenders. They will loan a total of 65% of the ARV(After Repair Value). They also charge generally between 14%-18% for the money. So it is best to have a fast as possible game plan to repair the property and refinance A.S.A.P. Most hard money lenders don’t care to much about your credit or income (as long as your credit is not horrible). But it would be wise to seek a pre-approval from a lender such as Bank One for the refinance (they don’t have property seasoning issues) before you commit to such a deal with a hard money lender.