Posted by Carol on November 03, 2000 at 15:19:06:
In our case it is very simple: my hard money lenders charge 15% and generally3 - 6 points, with balloons between 6 months and 3 yrs. They will lend to purchase and escrow for rehab… generally up to 75% LTV.
We then either refi or sell.
Carol
HUD homes with no cash and w/o bank financing? - Posted by Burt Buchanan
Posted by Burt Buchanan on November 01, 2000 at 14:19:22:
I have heard that most bidders at HUD auctions do not bid on the uninsured houses because they believe they must either obtain a conventional mortgage, which requires a 20% down payment, or be prepared to pay all cash within thirty days of the sale. They believe they cannot obtain good bank financing for the purchase. I have also heard that they are wrong.
What are the ways to purchase auction houses with no cash out of pocket and without bank financing?
Thanks…
Re: HUD homes with no cash and w/o bank financing? - Posted by Carol
Posted by Carol on November 02, 2000 at 21:15:51:
hard money, line of credit… as long as the deals are good.
Re: HUD homes with no cash and w/o bank financing? - Posted by Burt Buchanan
Posted by Burt Buchanan on November 03, 2000 at 13:03:55:
Carol:
Do you represent a hard money lender? Have you done any purchases using a hard money line of credit? If so, please break down your deal. Thanks…