Posted by James Strange on July 12, 2003 at 14:36:22:
First I must correct you 70,000 is big. The town where I live has a population under 2,000. And I live outside of the city limits.
Now down to business the lender can set any terms that they want. Remember Hard Money is called that because it comes from someones pocket. So if they don’t want to loan it to you they don’t have to.
But as consumer in a free country you are allowed to shop around for a better deal. When you find a deal that suites you then you can do business with that person/company.
Are there Hard Money Lenders who will lend 65 to 70% of the ARV? The answer is simple, Yes.
Since the local big city boys don’t want to play with you you will need to find a nationwide HML. I don’t know property values where you are but the nationwide guys tend to like the bigger deals.