Posted by John B. Corey Jr. on September 16, 2005 at 21:31:12:
I am a hard money lender and I do deals in TX.
Based on three factors I question the fit between HM and your deal.
- You have good credit so you have more options.
- You have good income so that helps even more for solutions other than HM.
- The numbers are tight for hard money. 65% to 70% ARV is about the limit for most folks. I use as-is as I do not pull credit or escrow repairs.
Why use hard money? Is there a time crunch or is the property so beat up it can not qualify for any sort of conventional or non-conforming financing?
Get in touch by email if you want me to review the details and look at funding the deal.
Chelsea Private Equity LLC