Posted by Dwayne on December 15, 2000 at 08:48:07:
Yes, an appraisal with the valued based on value of the property subject to specified repairs being completed. These repairs would be listed on the appraisal.
Dwayne
Question about Hard Money Lenders… - Posted by Dan (MO)
Posted by Dan (MO) on December 13, 2000 at 23:38:59:
I was wondering if when trying to qualify for a hard money loan, does a person have to show the hard money lender the ability to pay back the loan on a month to month basis? Meaning that are they going to look and make sure I have the ability to pay on two mortgages (I already am paying for my own house). Or do they just look at the LTV involved?
I have great credit but am being told by a former mortgage lender that no bank in the country will loan exclusively on the property no matter what the LTV is without looking at the borrower and his credit and ability to make the monthly payments. Can someone help me out here? Also what happened to the list of hard money lenders that used to be on this site?
Thanks in Advance,
Dan
Re: Question about Hard Money Lenders… - Posted by R.Barr
Posted by R.Barr on December 21, 2000 at 13:54:57:
Dan I may be able to help you out if you are looking for a Hard Money Loan. I’m a Hard Money Consultant. I have access to investors that loan money on property equity only. Regardless of credit!! I can shop your loan for you with no upfront cost. If you are interested please send a blank email to borrow@getresponse.com for more information
Kmt Consultant
Re: Question about Hard Money Lenders… - Posted by tim
Posted by tim on December 18, 2000 at 18:50:34:
If you want a long term loan then they will want to know if you can make monthly payments.
If this is a flip then you should be able to get a morotorium on payments with a HM Lender, or private investor like myself.
-T
A few tips ! - Posted by Dwayne
Posted by Dwayne on December 14, 2000 at 13:01:24:
Hard money lenders are different for regular lending institutions. If you acquire a hard money loan you will not pay a mortgage, your payments will be interest only payments which will not decrease the principal balance of your loan. Interest payments are normally 11% or higher due to the risk involved and the investor seeking a good return on their capital. The main qualifing component is the equity in the property. Most hard money lenders will loan a maximum of 65% of LTV and only accept a national appraisal company. Also, when ordering an appraisal ask for a subject to appraisal on a distressed property. It is a good idea to title the property in a business name if possible. These suggestions ususally help when trying to resale investment property.
Dwayne
hard money sources - Posted by JCPerry_NH
Posted by JCPerry_NH on December 18, 2000 at 12:11:24:
I am looking for that exact scenario – I have a property that I need hard money for in the area of 60-65% LTV – Are you familiar with any that work in NH? Thanks in advance.
Jason Perry
Re: A few tips ! - Posted by Ken
Posted by Ken on December 14, 2000 at 17:03:23:
What do you mean by “subject to appraisal”? Would this be something along the lines of adding in the value of planned repairs?
Thanks,
Ken