Posted by Ed Garcia on December 18, 2000 at 09:43:36:
Mike,
I’m sorry to tell you that Hard Money lenders are PROFIT driven, and in most cases would not be interested in such small loans. I know that this doesn’t seem fair, but that’s the way they do it.
Ed Garcia
time limit - Posted by Mac Case
Posted by Mac Case on December 16, 2000 at 12:57:57:
Where is the best place to go for in state Virginia loans without credit checks for quick turn over high interest rate loans. I have two properties that are due to close soon. The profit ratio is very high. I have been approved by an out of state lender, but they couldn;t find the funds in their investment pool. Is it possible to close in less than a week., projected closing date at this point is 22 of December.
Thanks for your help
Re: time limit - Posted by Ed Garcia
Posted by Ed Garcia on December 16, 2000 at 13:30:13:
Mac,
You’re a prime example of what I just explained to Chuck, who posted below titled, (Ed please help). Most Hard Money lenders, relay on their private investors for funds. Most investors want to lend in their own back yard. If you think about it, it makes sense.
Mac, there is no doubt that you’re in need of a hard money lender. I would have to think that an aggressive broker in your area, will be able to provide you with one.
As I’ve mentioned to Chuck, I’m in the process of developing a following of hard money lenders in various geographical areas to accommodate our investors. That’s going to take me some time. I plan to qualify and establish a relationship with these lenders. I then will network with them in order to provide funds for our investors.
Ed Garcia
Smaller dollar amounts? - Posted by mike
Posted by mike on December 16, 2000 at 17:05:04:
Ed, can you predict if this network will accomodate smaller amounts in the 5-10k range for ‘just re-hab money’? Sometimes I can aquire the property creatively so all I end up needing is small amounts for re-habbing.