Posted by Ed Garcia on January 27, 2001 at 15:25:57:
John,
There is no doubt about it; I’ve noticed it too. That’s why when you see me question someone on the net, I know that some us are using curtain terms differently.
Ed Garcia
Getting very discouraged - Posted by chuck
Posted by chuck on January 26, 2001 at 18:44:39:
After spending the better part of 2 days online and on the phone it seems that no one has any idea what the true meaning to hard money is. If anyone has found a true hard money lenderI would be eternally gratefull to them if they shared there source. I have been unable to locate anyone that can truely lend hard money. They all want the same documentation as a conventional lender, and promise to get me the money within 45 days. Sorry to sound like I am whining but I have had absolutely no luck in finding a funding source for my deal.
Re: Getting very discouraged - Posted by George
Posted by George on January 28, 2001 at 24:32:54:
I found a couple by contacting several mortgages and creative real estate brokers…
Advertise - Posted by PBoone
Posted by PBoone on January 27, 2001 at 13:49:39:
We found two good sources for small funds 200K and below by placing an add in the “money wanted” section of our local newspaper. It read something like this…
“Money wanted for purchase and rehab of SFR 100K secured by real estate @ 50%LTV call xxx-xxxx”
With an add like this you are looking for a hard money LOAN secured by real estate NOT selling shares of a company.
Pat
Re: Getting very discouraged - Posted by Ed Garcia
Posted by Ed Garcia on January 27, 2001 at 24:30:13:
Chuck
I do “Hard Money” Loans as well as other types of financing right here in California. Hard Money Loans are usually funded by the private sector. (Private Investors) Many of the companies that carry hard money, will have the word Funding at the tail end of their name. For example: Home Loan Funding, Tri City Funding, etc. “Hard Money” is exactly what I’ve told you it is. It’s financing based on the equity of the property.
I would have to think any Broker that’s worth their salt, would be able to find this type of financing. So your first stop to look for it should be a broker. After all, a broker’s job is to find money. I’ve been contemplating putting together “Hard Money” investors across the country. The only reason I haven’t done it is because of time. I’ve been so busy, and it would take a great deal of time to do it right.
Chuck, your not the only one having trouble finding “Hard Money”. It’s obvious that even brokers are having the same problem.
Ed Garcia
Re: Getting very discouraged - Posted by JohnBoy
Posted by JohnBoy on January 26, 2001 at 18:49:03:
Did you check with all the local title companies and real estate attorneys in your area? If there are any true hard money lenders out there they will know. They are the ones that would handle all their transactions.
Re: Getting very discouraged - Posted by JohnBoy
Posted by JohnBoy on January 27, 2001 at 01:28:41:
Ed,
I haven’t run across a single broker here as of yet that had any sources for hard money. In fact, some of them at first say yes, but when you define “hard money” to them they get a dumb look on their face and go, oh no, we don’t have anything like that! It’s like they never heard of it and they don’t know what true hard money lending is! I’ve seen lots of posts in the past with people here running into the same problem with being able to find true hard money lenders here in IL.