Posted by A Friend of Bill W. on December 05, 2000 at 11:34:58:
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Need money in bank to get Hard Money loan? - Posted by Jim C
Posted by Jim C on December 04, 2000 at 21:55:52:
Do Hard Money lenders typically want you to have a certain amount of money in the bank before they give you the loan? Like 5% or so?
Thanks.
Re: Need money in bank to get Hard Money loan? - Posted by BillW.
Posted by BillW. on December 04, 2000 at 23:53:52:
No. But it doesn’t hurt to have some. Hard money lenders usually concentrate more on the deal and the equity involved. You don’t need money in the bank, a job, or good credit, but these help. If this is your first deal or you do not have a track record, it might be harder to get money,(hint: get a partner for the first few deals if you have to). After you establish yourself as real, things will get easier. Also, there are lots of posts on this subject here on the site. Check the archives and read other posts. Also check on the finance site.
BillW.