Some Ideas on Hard Money Lenders - Posted by Dave

Real Estate Investing Real Estate Financing
#1

Posted by Sean Williams on March 07, 2002 at 20:03:38:

Dave,

A few issue’s that may come up in a Convetional Loan Refi are Seasoning of the Note and Title and a reduced LTV if you do not intend to occupy the property.You may have a higher rate,which can be bought down.You may also be asked to show Reserves for the payment and taxes,insurance etc. via a VOD from your Bank.

You will not likely run into any problems with your Hard Money Lender. Most of those loans have no prepay and they are looking forward to getting the loan off their books.

Hope this helps.
Sean

#2

Some Ideas on Hard Money Lenders - Posted by Dave

Posted by Dave on March 07, 2002 at 18:20:37:

Im currently looking at purchasing a few 2 family properties in NJ with great return on investment. The question i have is I dont have any money of my own to put down but i have found a hard money lender to loan me 100% of both purchase price and fix up cost, I was wondering if after fixing up the property can you get conventional financing from a bank using the equity in the property to secure the loan? I would also be looking for an experienced investor to join with me on a deal to get me started. If anyone has any comments please email me im very interested in any comments.

Thanks Dave