Posted by Rob FL on January 23, 1999 at 08:05:45:
Depends on the numbers, but yes it is possible to get cash back at closing.
After rehab value is easier to determine. Just find out what the normal, already-fixed-up houses are selling for in the neighborhood.
Most of the lenders I deal with are individuals. They simply pull coparables and do a drive by or walk thru inspection. Very rarely do they need an actual appraisal.
Hard Money??? - Posted by JA (AL)
Posted by JA (AL) on January 22, 1999 at 18:33:19:
Okay, so I missed something—what the heck is “hard money”?
Re: Hard Money??? - Posted by Rob FL
Posted by Rob FL on January 22, 1999 at 20:50:08:
The loan is based on the value of the collateral and not on the creditworthiness or income of the borrower.
Re: Hard Money??? - Posted by Redline
Posted by Redline on January 22, 1999 at 18:38:23:
Higher interest short term loans available from private investors.
RL
Re: Hard Money??? - Posted by JA (AL)
Posted by JA (AL) on January 22, 1999 at 21:19:46:
So is this the situation when an investor receives money at closing? And when looking for a loan on a rehab, how can you determine what the property will be worth after rehab? Must I have an appraiser value the property as if it were already improved to get the loan?