Ed Garcia --- Hard Money Lenders in Ohio - Posted by Sam Jones

Posted by Sam Jones on July 24, 2002 at 13:02:24:

Thanks Perry. If I find a true HML I’ll pass that info on to you.


Ed Garcia — Hard Money Lenders in Ohio - Posted by Sam Jones

Posted by Sam Jones on July 23, 2002 at 10:27:07:

Hi Ed,
After reading your posts I’m convinced you are the man to ask this question. Do you know any true HML in Ohio that do deals based strictly on the strength of the deal. My FICO credit score is 665. I’ve spoken to statewide capital, rehab funding, etc., but they seem to want qualifications similar to many banks, even though they want to finance you at Hard Money Rates. Any feedback, help or direction will be much appreciated.


Re: Ed Garcia — Hard Money Lenders in Ohio - Posted by Perry IL

Posted by Perry IL on July 24, 2002 at 11:46:48:

Hi Sam,

I noticed your post and agree with you in regards to the many PSEUDO hard money lenders that charge exhorbitant interest rates, fees and points, whose company names appear on this board frequently and are offered up as solutions to investing/financing problems, that would best be solved by using TRUE hard money lenders.

I am posting a response by graywolf that sums it up…

Posted by Graywolf on January 05, 2002 at 00:05:15:

Real Hard Money!!
I have received numerous calls, faxes, e-mails and even letters asking what?s the real deal on hard-money lenders. At the heart of all these inquires is basically one question. That question is, how can I tell the difference between a real hard money lender and a non-conforming sub-prim lender that is claiming to be a hard money lender to justify charging 8 to 12 points up front and 14% to 18 % interest. This is an easy one. OK here it is plan and simple and don?t let anyone try to tell you different. Please understand my position on non-conforming sub-prim lenders, I think they are great. I get all my hard to place loans done through these lenders, however, this is not to suggest that a sub-prim lender has the ability to make a hard money loan. The following are things that a hard-money lender will NOT ask you for:

  1. Hard-money lender will not ask you what your credit score is, he does not care one bit.
  2. Financial statements.
  3. Tax returns.
  4. Will never ask you to jump through hoops.

Now what he will ask you for is simply this:

  1. LTV 65% max.
  2. Appraisal subject to completion.
  3. First lean holders position.
  4. Exit strategy

If you can provide these simple things you can get a real hard money loan.
No doubt this type of loan will cost you the big points up front (8-12%) and the heavy rate of (14-18%).
In many cases the lender will finance the points.
Often times the lender will allow you to repay the loan when you sell the house or refiance. I hope this answers some of your questions

Safe investing

Stay vigilant and do your homework. These guidelines offered by graywolf, eliminate most of the touted hard money lenders appearing on this board by either endorsement or solicitation. The facts being what they are, speak for themselves.

I am interested in finding a TRUE hard money lender that will fund rehabs in Illinois. I’m sitting on several properties that I own/control and want/need funds to rehab each of them. I would appreciate hearing from you if such a lender is located.

Thanks, Best Wishes, Perry, IL

Re: Ed Garcia — Hard Money Lenders in Ohio - Posted by Jacob

Posted by Jacob on June 27, 2007 at 09:15:12:

Hello Ed,
I am working several deals in wisconsin and need hard money loans. Can you tell me where to find real hard money lenders who work wisconsin transactions? jinxlee0713@yahoo.com