Posted by george from raleigh on November 27, 2000 at 16:00:09:
Do you do business in NC?
george
Suggestion for this site ED. - Posted by Karen
Posted by Karen on November 11, 2000 at 01:03:35:
Hi Ed,
I have been reading on this site for over a year now, and I think the question I’ve seen listed most here:
Need Hard Money Lender!!
With all the good advice and experience here could you maybe set up a page on this site, where people visiting this site might be able to post the names and phone numbers of any Hard Money Lenders they have used or know of. I think this would be a HUGE help to not only all the newbies but also the seasoned investors.
Thank you for your time.
Karen White
Re: Suggestion for this site ED. - Posted by Ed Garcia
Posted by Ed Garcia on November 11, 2000 at 11:48:28:
Karen,
Your suggestion is appreciated. It’s not quite as easy as you think. I have only been hosting this part of Creonline for a short period of time. I wanted to see if I’d get enough action to justify me spending the time on the site that I do. I started out doing this for pleasure and to be honest with you it has turned into a job. You have no idea how much e-mail I get daily. In many cases when they think they need hard money, the truth of the matter is, the deals needs to be restructured. Hard Money is not a catchall. It’s a good loan if you have credit problems, have no down payment money, can’t get the seller to carry back, or need a fast close, other than that it requires a LOT of equity and is EXPENSIVE.
Karen, one of the reasons I find it hard to do as you’ve suggested is, I have found some confusion in the definition of hard money in various parts of the country. It’s private sector money and therefore although it’s based on equity, there are different versions of it.
To give you a more direct answer as to why I can’t do as you’ve suggested is, because there are many lenders who misrepresent themselves. The reason Creonline has designated me as their site lender, is because they’ve known me for years and my reputation. They have had tons of lenders want to come and represent them but knew it would take more than just a lender who would look at a deal from JUST a lenders eye.
They needed a lender who would appreciate the investor’s side of the deal, as well as have someone who would find alternative financing which is mandatory in deal making.
Remember Kim, this forum is for educating not soliciting business.
After saying this, I want you to know that I realize what you have said is important. As a result, what I’m going to do is try to build and establish a network of hard moneylenders across the country. I’ve already started, and I want you to know that it’s going to be a slow process. Three years ago when Terry and J.P. Vaughan introduced me to this site, I was licensed to do business in only California; I’m now in 42 States. So bare with us Kim, we’ll get there.
Meanwhile, thank you for your suggestion and participation on this site,
Ed Garcia
ED - Is Illinois one of the 42? NT - Posted by Brent_IL
Posted by Brent_IL on November 12, 2000 at 15:03:21:
ntxt