Re: Hard Money Where? - Posted by Tim Pannabecker
Posted by Tim Pannabecker on November 24, 1998 at 10:58:04:
Sandy has a great idea about the club, you may also want to attend and network at the club. Another option to locate “hard money” or equity based loans is to call a couple loan brokers. Most good brokers will have a hard money source. You may already know this, but hard money is usually quite expensive 5-6 pts. & 12-15% interest usually a “bullet” loan (short term) 6-12months. with low LTV (loan to value ratio) usually 60-65% of value. If you have good credit I would recommend a low-doc, no-doc or no income qualifier. Another of many ways to finance property is with a money partner, the good point is that you should not have to be concerned with points, fees, or a monthly payment. But you would likely have to split the profit. Don’t forget that there are many creative ways to finance your RE investments that do not require typical financing methods. I know many people that finance in many ways.
Best of luck in your search,