not true hard money, but useful - Posted by TRandle
Posted by TRandle on January 08, 2001 at 07:31:36:
Statewide is not a true hard money lender in that they are not a pure equity-based lender. They do credit checks, background checks, require massive paperwork initially (by comparison I’m told) and require personal liability on their loans.
That being said, we’ve used them several times and will continue to do so until we can line up private money. They will loan 65% of ARV and allow you to purchase in your company name. I don’t know about the trust purchase because we’ve not asked that question yet. Once we understood how they work, they certainly have their place in an investment plan and they will fund. Hope that helps…