Hard Money??? - Posted by JA (AL)


#1

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.


#2

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”?


#3

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.


#4

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


#5

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?