Posted by tom-fl on December 28, 1999 at 23:01:21:
please send me info on how to obtain your program—and any others, thanks!! Tom
How can I secure Private Lending funds? - Posted by Tony James
Posted by Tony James on December 26, 1999 at 01:00:02:
There is this property I want to buy. I want to use a Private Lender. How can I make sure that if a Private lender says they will do it, they will do it and not back out on the last moment?
Re: How can I secure Private Lending funds? - Posted by Ed Garcia
Posted by Ed Garcia on December 26, 1999 at 12:38:48:
Tony,
Because you’re asking for Private Lending funds. I’ll assume you’re in reference
to Hard Money, or funds based solely on the equity of the property.
If you go through a mortgage broker that is geared to fund this type of loan, you
shouldn’t have any problem. They will usually have multiple investors for this type
of deal. If you find a private investor on your own, then there’s no telling.
Just remember to keep the LTV at 65% or below including the closing cost, and
you shouldn’t have any problem.
When working with a lender that you’re not familiar with, I think it’s always in your
best interest to double your efforts and line up a couple of mortgages companies that
claim to do equity loans. Now be careful with that term. Many mortgage brokers
consider a sub prime mortgages as hard money, and that’s not true.
Learning the art of shopping a loan, is one of the reasons I teach, HOW TO HAVE
LENDERS FIGHTING TO GIVE YOU MONEY.
Ed Garcia
Re: How can I secure Private Lending funds? - Posted by Jonathan Rexfprd
Posted by Jonathan Rexfprd on December 26, 1999 at 10:00:39:
Are you using them services of a Mortgage Broker? If you are their should Not be any problems funding the loan. If their are a good Mortgage Broker will have a back up plan if funding does not go through. Some reasons that I have seen that funding has not gone through is some credit stipulations have not been taken care of or title has not been cleared. If its a Equity loan then none of these should matter. ALWAYS put some escape clauses in your purchase agreement even if you LOSE your deposit.
Just my two cents
Jonathan Rexford
Licensed Mortgage Broker
Licensed General Contractor