Posted by Brian Powers(MI) on April 09, 2003 at 15:26:18:
i’m actually in metro detroit and don’t make it up that far north too often.
if you’re ever going to be down this way or you have some oppurtunities down here let me know.
BMP
Help – How to find Hard Money lenders - Posted by SMB
Posted by SMB on April 08, 2003 at 15:08:30:
What is the best way to find REAL hard money lenders and private lenders? That is lenders who will use real estate as collateral. I am looking for ideas that work for a beginner
Thanks
SMB–Atl
7 Steps to Find Hard Money Lenders - Posted by Jim Kennedy - Houston, TX
Posted by Jim Kennedy - Houston, TX on April 10, 2003 at 11:46:07:
Seven Steps to Find Hard Money Lenders
Step 1. Since most hard money lenders tend to be either local or regional in scope, start a new thread on this news group, post what city and state you are in and perhaps someone from that area can refer you to a hard money lender.
Step 2. Two hard money lenders (or more accurately what I call “quasi” hard money lenders), advertise on this web site. Look for their banner ads at the top of this page. If at first you don’t see them, simply click on your web browser’s reload or refresh button until the banner ad says “Hard Money Loans” or “Rehab Funding” or “Brookview Financial, Inc”. Or go directly to their web sites at http://www.rehabfunding.com/ for Bob Beckman of Rehab Funding, or at http://www.brookviewfinancial.com/ for A.J. at Brookview.
Step 3. Many hard money lenders have web sites that explain what they have to offer, including their rates, terms and conditions. Therefore, do a search of the Internet for hard money lender web sites.
Step 4. Find several local rehabbers by calling their “I Buy Houses” ads in your local daily newspaper as well as the local Pennysaver, Thrifty Nickel, Greensheet, etc. In my area, several rehabbers run ads in the yellow pages. Ask the rehabber if they can refer you to a hard money lender who makes equity based loans in your area.
Step 5. Attend the next meeting of your local real estate investment club. Ask some of the experienced investors for a referral to a hard money lender. If the club has a membership roster (as mine does), start at the top of the list and contact each member and ask who they use for hard money loans.
Step 6. Open the yellow pages to “Real Estate Loans” or “Real Estate Mortgages” and start at the top of the list. Call each lender and ask if they make hard money loans. If they don’t, ask if they can refer you to someone who does. Be careful with this last one. Many mortgage brokers only deal in “traditional” types of loans and will look at you with a puzzled look, if you ask about “hard money”. ?Hard money lenders? are also referred to as ?equity based lenders? or “asset based lenders”. Just make sure that the person you’re asking understands that you’re looking for a lender who looks primarily to the asset and isn’t very concerned with your credit when deciding whether or not to make the loan.
Step 7. Contact your title company and ask if they know anyone who makes equity based loans. If they don’t, open the yellow pages to “Title Companies” and start at the top of the list. Call each title company and ask if they know of any hard money lenders in your area. If real estate settlement closings are not handled by title companies in your area, contact whoever does closings (typically attorneys) and ask for referrals to hard money lenders.
If you do steps 1 through 7 above, I’m confident you will find a hard money lender. However, if you don’t find a hard money lender after completing steps 1 through 7, contact me by e-mail at jimmyak@ix.netcom.com and I’ll point you to a couple of web based lists of hard money lenders. Look for a lender on the lists who makes loans in your area. There are several that are listed as making loans nationwide.
Also, if you haven’t already done so, go to the ‘how to’ section of this web site and read Ed Wachsman’s explanation of hard money in his article entitled “A Glossary Of Common Terms Used In Loans And Lending”. You can find it at http://www.creonline.com/articl68.htm
Best of Success!!
Jim Kennedy,
Houston, TX
Re: Help – How to find Hard Money lenders - Posted by RichV(FL)
Posted by RichV(FL) on April 08, 2003 at 19:37:06:
SMB,
I agree with Steph, If you are a newbie and have no contacts join a local REI club. I used to belong to one.
You’ll network with Realtors (that UNDERSTAND rei), hard money lenders, Investors looking for partners, etc.
Good Luck,
RichV(FL)
Re: Help – How to find Hard Money lenders - Posted by investorrob
Posted by investorrob on April 08, 2003 at 16:12:16:
Brian had some some good thoughts here are some more.
Just like you put adds in a paper for home sellers put adds in for private investors. But run instead in your county business or legal paper. My Paper is called the Daily Journal Commerace.
Here are 2 sample adds
Real Estate Investor
Has Opportunities of
Two Private Investors
To earn High Rates!
Call XXX-XXX-XXXX
next one
Attention Investors
Earn 14% or More
On Secured by Excellent
Real Estate…
Call XXX-XXX-XXXX for details
Keep running these as you will get calls. In todays business world with the Stock Market in the dumps and Banks paying such slow % on cd’s People are looking for better returns, and 14 to 17% is the key to you getting calls.
May I sugest studing up on this. Like in the archives here and on the www. You need to know that investors most likely will charge you interest only in quartery amounts -----meaning if you use the money for 4 months you will be charged for 2 quarters of a year or 6 months even thought you used the money for only 4 months.
Much to learn but it is worth it.
The very best of investing to you.
investorrob
Re: Help – How to find Hard Money lenders - Posted by tampasteph
Posted by tampasteph on April 08, 2003 at 15:52:40:
Join your local investment group. You will find re attorneys, hard money lenders, contractors, etc.
It’s a great place to network and learn.
Good luck,
Steph
Re: Help – How to find Hard Money lenders - Posted by Brian Powers(MI)
Posted by Brian Powers(MI) on April 08, 2003 at 15:20:14:
you’ll have a hard time finding private money if you have no experience.
hard money lenders are out there they’re just not on every billboard like conventional mortgage companies are. talk to some people at your local real estate investment group, ask some realtors who list a lot of bank owned properties, handyman specials etc. ask some investors in your area.
ask ask ask and you shall find.
BMP
Re: Help – How to find Hard Money lenders - Posted by carlos cespedes
Posted by carlos cespedes on July 06, 2003 at 17:25:43:
in Miami call me for hard money lenders.thanks
Re: Help – How to find Hard Money lenders - Posted by David MacGown
Posted by David MacGown on April 09, 2003 at 12:53:37:
Hi Brian,
I am a Michigan investor specializing in wholesaling
and am interested in networking with others from my area. I am from Saginaw. E-Mail me if your interested in meeting another likeminded Michigan investor.
Thanks,
David