Posted by will on October 19, 2003 at 13:01:21:
The deal I am trying to negotiate is going to have to be an all cash transaction. I am getting together the funds to do it. Thanks again everyone and good talking Claire.
no money down - Posted by will
Posted by will on October 17, 2003 at 15:10:12:
My question is how do I make the loan presentable so that I can get a hard money lender or someone to do the deal. I have a property that is under contract for 2.4 million and will appraise at 3.54 million. Every lender I talk to wants me to have 10% or give them 5,000 or 10,000 dollars so I have something to loose. The NOI is 344,000 yearly on the property so I can pay a note at an APR of 20%. If anyone has any suggestions or anyone that could maybe line this loan out please let me know.
Re: no money down - Posted by Michael Pine
Posted by Michael Pine on October 19, 2003 at 20:35:39:
If you have this property signed up, have you considered optioning it to someone for an assignment fee?
Best wishes,
Michael Pine
email: Michael_Pine@yahoo.com
AIM: Mortgagebroker71
Re: no money down - Posted by Clair-MO
Posted by Clair-MO on October 19, 2003 at 11:40:19:
Will, Hi! Good to see you have found this site…A True Hard Money Lender will do a no money down with you if you can get the seller to carry back a second mortgage for the balance of what you are needing to borrow without any out of pocket expenses from yourside. Similiar to the deal we have together in Arkansas!
Re: no money down - Posted by James Strange
Posted by James Strange on October 18, 2003 at 18:50:35:
All of the HML in the area that I have talked to want the investor to have cash into the deal.
They want you have blood in the deal. It is harder to walk away when you have your money in the deal.
Most do not care where you get the cash from. They just want you to have it in the deal.
James Strange