Hard Money Where? - Posted by Jim


#1

Posted by Sandy FL on November 24, 1998 at 04:52:15:

Look under the real estate clubs section for Chicago.
Call the club presdients and tell them you would like
to contact a hard money lender fast. They can tell
you their names and phone numbers.

Good Luck - get it under contract!

Sandy


#2

Hard Money Where? - Posted by Jim

Posted by Jim on November 23, 1998 at 16:34:13:

Thank you for all the responses. I don’t want to sound like an idiot, but where do I find Hard Money Lenders? I checked the yellow pagers under, Mortgages, Finance companies, and Lenders, also Real Estate. also checked newspaper classifieds for financial area. Cannot find a single one. I am in the Chicago Southwest burbs (35 miles out of city), any idea where to look, or what to look for?
Thanks again. When I get some more experience in this, I’ll definetly return the favors by posting my accounts and advice. This is a GREAT forum, and help center.


#3

Re: Hard Money Where? - Posted by Tim Pannabecker

Posted by Tim Pannabecker on November 24, 1998 at 10:58:04:

Jim,

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,

Tim