Hard money secured by property - Posted by Keith B.

Posted by DOUGLAS S GRIFFEN on May 23, 2005 at 14:56:41:


Hard money secured by property - Posted by Keith B.

Posted by Keith B. on November 08, 2004 at 21:07:14:

Hi, I have been talking with tons of private lenders about hard money, but haven’t been able to find any that will loan based on the property, and not my credit or personal consideration. If someone can point me in the right direction, or provide me with some information on this subject I would appreciate it.

Keith B.

Re: Hard money secured by property - Posted by John

Posted by John on November 09, 2004 at 13:21:17:


Contact me if you want to discuss HML deals. I do not require good
credit. The property is the only security. MH or other sorts of
residential. I can do small loans so no minimum loan amount. 60% LTV
unless I like the deal.

As to finding folks who are similar, Kristine’s suggestions are good.
Your local investor club should have some folks or at least know where
to look. One sign is an older investors who has had their fill of tenants
and rehab projects. They have made some money and can evaluate
deals but do not want hassle so they lend.

People want to get paid when they make a loan. Some lenders are not
competitive if they wants high returns and loads of security, credit
scores, etc. Either they should be offering conventional terms and rates
or they should be a really hard money lender (the property being the
only security).

I do collect full information so that I can find folks if something goes
wrong. The loan is underwritten based on the property and the
numbers. For my better clients I can do unsecured loans as bridge

BTW - If a HML will not do a deal you might not be making enough
money. If a HML deal makes sense to the lender then it should be a
positive sign that you will make a profit. There are cheaper forms of
finance (HELOC, conventional lenders, etc). Use HML when it the best

PS. Just email me if you want to talk further.

Re: Hard money secured by property - Posted by Dave Cruz

Posted by Dave Cruz on November 08, 2004 at 23:57:59:

I notice HM lenders are like banks, they are requiring good credit score, Jobs and LTV’s as low as 65%. Are they crazy with a interest rate like 15% and LTV’s as low as 65% how are you ever going to make money out of that???. I rather go to a Mortgage broker are a private investor if you have good credit. They have lots and better programs for rehabs and etc. I rather try using a broker or a private investor first. That’s just my thought.

Re: Hard money secured by property - Posted by Kristine-CA

Posted by Kristine-CA on November 08, 2004 at 23:35:05:

My guess is that you haven’t been looking where equity lenders advertise. Places like the yellow pages and free weekly shoppers, etc. Rehab lenders and hmls that lend to investors will want to know about you and your credit score. But the equity lenders–they want to lend to you against your collateral. And can’t wait to own it if you don’t pay. Their ads will have a lot of exclamation points and words like “fast” and “cash” and “today.”

I don’t know where you live, but I assume they are everywhere. You might be pretty amazed at the terms, but they are definitely out there. Happy hunting, Kristine

Re: Hard money secured by property - Posted by Mike W

Posted by Mike W on November 08, 2004 at 21:58:52:

I am a private lender in Las Vegas.

If you are in Clark County, contact me. If not, I can help you find a local HML.

It should take about 5 minutes to find several.

Good luck.

Re: Hard money secured by property - Posted by Ann

Posted by Ann on June 02, 2006 at 01:49:23:

i am a real estate investor in the state of MS i am looking for hml to purchase and Re-hab residential property, can you help, or can you direct me to someone who can? rei need funds asap!