Hard Money Lenders and the 1003 - Posted by bvmp

import · December 1, 2000, 5:10pm

Posted by rick(CA) on December 02, 2000 at 22:58:24:

Here are a couple of suggestions (barring local HML’s)

import · December 1, 2000, 5:10pm

Posted by bvmp on December 01, 2000 at 18:10:45:

If hard money lenders only look at the equity in a property and the LTV, why do they ask to have a 1003 filled out?

I mean, the reason for using hard money is because there is bad credit so why bother with the 1003 and going through all sorts of paperwork like a bank?

Please advise.

import · December 2, 2000, 10:32am

Mine don’t - Posted by Carol

Posted by Carol on December 02, 2000 at 11:32:58:

A true “hard money” man/woman won’t need a 1003. We have worked with some who lend based on the collateral, but look at the credit as well to be sure there are no outstanding judgments, etc.

But our true HM people just look at the property.
C

import · December 2, 2000, 1:30pm

Re: Mine don’t - Posted by Trent Barber

Posted by Trent Barber on December 02, 2000 at 14:30:18:

Carol, I am beginning my real estate investment career and am curious to know who your hard money lenders are. I have several great deals located and am trying to find the money I need to purchase the properties. Whom would you suggest?