Posted by Tim Jensen on April 13, 1999 at 07:40:22:
DAN,
I have a company that may be able to help you. They are in Rockford, IL. the name of the company is Prism Mortgage 815 227-4600. Ask for Bruce Biggers and tell him I sent you.
He has got financing for people who have rough credit as long as the owner is willing to take back a second mortgage of 25%. He also told me that in some cases he is able to get people financed with good credit with the owner taking back a smaller mortgage.
Need some hard money for a rehab - Posted by D.A.N. - IL
Posted by D.A.N. - IL on April 12, 1999 at 23:49:06:
We are ready to purchase our first rehab & need to find a hard money lender who will loan 50-75% of after repair value. We will use a portion of this to fund purchase price & the remainder for the repairs. The seller will hold a 2nd for balance of purchase price. Having a problem w/the seller holding second & most lenders we’ve called. Anyone have access to this type of loan or know where we can find one quickly?
Thanx!
Re: Need some hard money for a rehab - Posted by Brandi_TX
Posted by Brandi_TX on April 13, 1999 at 15:32:52:
They way I found my hard $ lenders was through Mortgage companies. When you speak to them, tell them you realize that the loan you are looking for may not be available through their company, but you are in hopes that they can put you in contact with the right person. Tell them, just as you said, “I am looking for someone that will loan money on the after fix-up value of a house.”
If you have to explain to them what you mean, you most-likely are talking to the wrong person. Most of the people I talked too only thought of the typical loans they do day in and day out, and don’t have a clue why you would be willing to pay 12-18% interest. If that is the case, hang up and call the next one.
It may take alot of calls, but you will get some resources. Hang in there and don’t let anyone tell you it can’t be done or that you are crazy for accepting “such poor terms”.