Posted by Ed Garcia on January 04, 2001 at 09:23:09:
Monty,
Hard Money, is a term coined about lenders who make loans strictly against equity. The reason they are called hard money loans, is because of absorbent loan cost.
My suggestion is for you to go to a mortgage broker in your area and explain to them that you are in need of a hard money( equity lender) lender.
Hard money is usually lent at 65% LTV (loan to value) of market.
Ed Garcia
MR. GARCIA…Hard Money - Prequalifying? - Posted by Monty (N. Texas)
Posted by Monty (N. Texas) on January 03, 2001 at 23:51:10:
Mr Garcia,
I am new to investing but am working very diligently to get my first deal accomplished. On deals where I can’t structure a creative alternative to cash down, I will be looking at taking the HARD MONEY route due to past credit problems. My question - Is there a way to somehow prequalify for a hard money loan based on my credit and a set LTV for a particular class of property? Or, is each deal viewed seperately. My reason for asking is that I would just like to get as much upfront work completed as possible to further increase my confidence in negotiations and my offers. Thanks in advance for any insight you can provide and best of luck in the new year!
Monty