HARDMONEY - Posted by Greg NY

Real Estate Investing
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Posted by Greg NY on February 07, 2001 at 12:35:22:

Thanks for the info. You just gave me a little sunshine in my life. Going to Atlanta? If so, see ya there!

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HARDMONEY - Posted by Greg NY

Posted by Greg NY on February 07, 2001 at 09:58:06:

Hello,

I was wondering what the requirements are to get a hard money loan? Is it easier to get hardmoney than it is to get a mortgage from a mortgage broker? I’m forced into REI full time, don’t get me wrong theres nothing wrong with REI full-time its just I am losing my job the end of this month. No job would make it pretty hard to get money. I plan on flipping props (whenever Mr. Kaiser’s course gets here) but i feel that i would like to rehab some of those flips. I know good people in the “reconstruction” business but not well enough to borrow from. Plus i have to prove my worth to get them to be partners. I’m rambling, anyways, How hard is it to get hardmoney?

Thanks,

Greg NY

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Re: HARDMONEY - Posted by Darin in Ca.

Posted by Darin in Ca. on February 07, 2001 at 12:23:30:

I lend hard money in California. In your case by you not having a job will not factor in the decision of your loan approval. First, I would run a credit report on you. FICO is not that important, I look for any forclosures, Late payments, Judgements, too much credit, etc. If those question are answered. Then I would visit the property. On most hard money loans the property is qualifying. If everything fell in to my numbers and I liked the deal. I would make the loan. Some hard money lenders don’t like to loan to first time investors. So you might run into that problem. Going full time in investments would be a plus to me. When you walk in the door on your lenders, you are an INVESTOR. They shouldn’t care about your previous job and don’t bring it up. Good luck.