Re: good hard money? Additionally - Posted by IB (NJ)
Posted by IB (NJ) on July 20, 2003 at 20:29:14:
Hi Dan. I personally don’t need a HML. My HML (when I use him) only works withe xp. Investors. But perhaps you can refer John and other newbies to HML’s that loan money strictly based on the equity of a deal and not on fico. I personally haven’t met any.
Re: good hard money? Additionally - Posted by James (FL)
Posted by James (FL) on July 20, 2003 at 21:35:42:
James,
Nice name by the way. Are they nationwide? Ihave a home in Baltimroe that the financing just fell through I was getting a rehab and aquisition loan from a conventional lender that offered a somewhat unconventional loan. Well the guy that was working on it quit, and left my file where no one could find it. I have a full package. An as - is appraisal, and a subject to appraisal. Bank statements, pay stubs etc. My partner and I have good FICO’s 640 and 768 respectively. The deal is as follows…
FMV $245 according to subject to appraisal.
Price $120K
State certified Contractors estimate $48500
Have $`1000 in earnest money already paid. Need $170K to cover costs etc.
Home is in Baltimore MD. Do you think one of your HML’s can help… and fast?
Need to close by the 31st of July.
Any help would be greatly appreciated.
James Prince
I agree somewhat… - Posted by IB (NJ)
Posted by IB (NJ) on July 20, 2003 at 20:37:36:
I won’t say there goal is to take you out of the game. But from what I’ve experienced in my market you tend to get treated a little differently if you’re working with an HML that WILL work with newbies.
When I was working with my first HML, the guy could sense that I was a newbie. Thus, right before closing, he switched the interest rate on me. These are some of the games these guys like to play when you’re new.
The solution? It’s imperative that you present yourself like a pro. You have to have that attitude of confidence that says you’ve done deals before and that you’ve worked with HML’s in that past. Talk as if you can do deals with any HML but you’re shopping around for the best rate. Now that I present myself in this manner whenever I talk to an HML (knowing the lingo helps), I get a treated with a certain level of respect. Whatever you do, don’t present yourself like a newbie.
Re: good hard money? Additionally - Posted by dell-ohio
Posted by dell-ohio on July 20, 2003 at 20:17:04:
I am trying to understand your logic.
>But if you are rather new or naive, there real goal is to take you out of the game. They don’t like the competition from new money in there game.
Why would they want to take you out of the game? If they are lenders, their source of “profit” is making loans. If you have a good game plan and a good deal why would they NOT want to give you a normal hard money deal so you come back to borrow more money from them for your next deal? Or are you saying that if you buy the property somehow (do they buy and sell similar properties) you are taking their profits?
dell-ohio