question for hard money lenders - Posted by mike

import · July 15, 2003, 9:02pm

Posted by jasonrei on July 17, 2003 at 08:08:15:

I was about to mention the use of other collateral in my response, but I decided not to. It’s nice to see other people come up with creative ideas.

import · July 15, 2003, 9:02pm

Posted by mike on July 15, 2003 at 21:02:35:

do they ever loan money for just the down payment? i have looked for the answer on here but wasnt able to find the answer

import · July 16, 2003, 6:53pm

Re: question for hard money lenders - Posted by Jasonrei

Posted by Jasonrei on July 16, 2003 at 18:53:34:

I’ve used hard money and know a handful of active HM lenders. I can’t imagine them lending the down payment.

import · July 16, 2003, 8:45pm

Re: question for hard money lenders - Posted by Steve in San Fran

Posted by Steve in San Fran on July 16, 2003 at 20:45:22:

Jason’s correct in general. The only way you MIGHT be able to work around this is to have the HML place a lien on some other collateral you or a relative owns. Their concern is security of repayment backed by an asset upon which they can foreclose if you don’t pay.

Admittedly this is a tough one to pull off but it could be a creative solution if you could pull together all the pieces. Good luck!