Posted by TomG on April 19, 2002 at 20:56:01:
Since you are using a hard money lender I will assume that your credit doesnt let you qualify for conventional lending, so I’m thing probably the only 2nd you could get would be if the seller took back a second. But I would be interested in other ideas.
Can I get a 2nd along with the hard 1st? - Posted by lisa foster
Posted by lisa foster on April 19, 2002 at 12:50:17:
I have a hard money lender that will give me a 70% LTV loan. Is it possible for me to get a 2nd for the difference so that I am using NONE of my own reserves?
Re: Can I get a 2nd along with the hard 1st? - Posted by Rafiq
Posted by Rafiq on April 23, 2002 at 08:01:46:
Lisa,
To answer your question, yes you can. The only possible conflict that could come up is both lenders wanting to be in first position. As long as you specifically point out that you are looking for a second to complete the deal I don’t think you will have a problem as long as your credit score is above 625.