Suggestions Needed - Posted by BR2

Posted by Brandi_TX on March 21, 1999 at 12:38:29:

I have found a few Brokers that have Hard $ contacts, and will set it up. They are still asking for a credit app. Are you saying this isn’t normal?


PS- I thought I would say a belated thankyou for teaching me exactly what a Hard Money transaction is. That night in the chat room truly prepared me for the endless amount of phonecalls I had to make in order to find just one. I never thought I would be in a position to tell others (especially those who lend $ for a living) how it works. Believe it or not, I had most of them tell me “it can’t be done” or “That sounds like something they did in the 80’s during the S&L crisis. People don’t loan like that anymore.” I knew I was talking to a good potential, when they finished the sinario I gave and I didn’t have to explain it to them. Thanks for your knowledge and patients with me in the chat room.

Suggestions Needed - Posted by BR2

Posted by BR2 on March 21, 1999 at 08:56:17:

Need suggestions on locating hard money lenders in Michigan. I’ve checked my sunday newspaper, but all the ones that responded require a credit check before I can find out the interest rate (12-16%).

I don’t want all these lenders checking my credit and lowering my ‘credit scores’ while I’m shopping for the best rates.

Suggestions appreciated.

Re: Suggestions Needed - Posted by JPiper

Posted by JPiper on March 21, 1999 at 10:49:41:

If a lender is wanting to check your credit…they’re not a true “hard money lender”. Hard money lenders make loans based on the asset.

By the way, if this is really what you want, expect the rates to be high, points to be high, and the term to be short.