Posted by zach on March 09, 2006 at 24:00:03:
ya i caught on to that, a bit rude as well.
Need HML for New Construction - Posted by Nam
Posted by Nam on March 07, 2006 at 23:40:37:
Does anyone know any good HMLs for new construction (commercial and residential) in Texas?
Thanks,
Nam
Re: Need HML for New Construction - Posted by lambis
Posted by lambis on March 08, 2006 at 15:26:02:
E-mail me about your new construction and amount you need.
Lambis Koumoussis
Re: Need HML for New Construction - Posted by John Corey
Posted by John Corey on March 08, 2006 at 24:11:15:
Nam,
Traditional hard money is not really aligned with new construction. The idea behind hard money is a loan based on the asset value and not ones credit. Construction tends to show little in the way of assets compared to the project’s projected value. Construction financing normally depends a lot on credit and track record.
So, you will find some investors who will fund part of a construction project so that more traditional construction financing can be obtained. You will notice that a lot of the steps concerning credit, track record, personal guarantees and cash invested drive the decision. If the deal was true hard money little of the above would matter.
My suggestion is to be open to alternatives rather than expect straight hard money with no questions. Or expect to raise very little (50% of the land’s value or less if using true hard money).
John Corey
Re: Need HML for New Construction - Posted by zach
Posted by zach on March 07, 2006 at 23:51:57:
sent you an email…
Re: Need HML for New Construction - Posted by Walt
Posted by Walt on March 08, 2006 at 23:55:37:
Beware on Nam. He’s LO that wants to “borrow” your source. If you want to give him something for nothing, them go ahead. Otherwise, get a non-disclosure/non-circumventure.
Good luck