Hard Money loans have many different names including private money loans, asset-based loans and in some cases rehab loans. Hard money loans are usually based on the estimated value a home will sell for after it has been repaired. Often times hard money lenders can make loans for the cost of the property and the costs of fixing the home for resale.
Many times rehabbers or those who buy properties fix them and sell them for profit work with a hard money lender to finance their investment homes. A few things to note about using private money or hard money lenders:
· Interest rates are slightly higher than you would see from a bank because the loans are being made on properties that are in various stages of disrepair and there are risks when making loans on these types of properties. This is how hard money lenders are compensated along with up front fees or “Points”. A point is one percent of the total amount loaned.
· Typically a hard money lenders main concern is that their entire principal will be returned if there is a problem with the property. Hard money lenders will usually make loans for much less, as a percentage, than a bank would.
· Hard money loans can be obtained in as little as 5 to 7 days in some cases.
· Because hard money lenders are mainly concerned with the value of the property, with no money in your pocket, sometimes no credit or income verification, you are able to borrow tens of thousands of dollars, maybe even hundreds of thousands, simple because you have secured a contract on an undervalued handyman special.
RehabList.com has made it pretty simple for rehabbers across the nation to find hard money lenders. RehabHardMoney.com is another website created by RehabList.com that is dedicated to helping rehabbers find financing. RehabHardMoney.com allows rehabbers looking for hard money loans to simply fill out a form and hard money lenders will contact them to discuss their proposed project.
RehabList.com also has a forum for rehabbers. The forum is a great place for rehabbers to find hard money financing by signing up for an account and utilizing the forum by posting information about their project or reading through previous posts from other rehabbers or hard money lenders. The ReahabList.com Forum provides great opportunities for you to connect with others in this industry that can be of assistance to you throughout your house flipping career and it’s completely free!
Be sure to take advantage of the free resource RehabList.com has to offer for rehabbers, wholesalers and hard money lenders.
33 Responses to “Hard Money Lenders: How to Find Them”
I need to close on a deal with a 52% ltv within three days I need about 80,000 to
purchase the property
Hi Elton,
Did you post your Hard Money project on the forum: http://forums.rehablist.com/forums/default.aspx
Did you fill out the form on RehabHardMoney.com - an investor will contact you after you fill out the form.
Thanks and Good Luck!
Investors Blanket Loan Program
Min FICO score of 620 required
Rates-range from 8% with a credit score of 660+
Hold and close title in the name of an LLC or as an individual
Properties must be in the same geographic location
Max loan amount is $3M per blanket loan
Max LTV is 80%
No Maximum # of properties per loan Min. is two as long as $200k min and $3m max are followed
NO Limit of deals each borrower/guarantor/principle may have at one time
Min Loan Amount is $200K
Min property value of $100K for each property allowed
No fix and flips. Must hold with the intention to lease. Standard prepayment penalty exists for whole blanket loan but may pay additional fee to buy out of it.
Partial releases will be allowed for individual properties sold out from under the blanket loan balance (prepayment penalty clause exists but can be bought out on blanket loans)
30 yr term and amortization available
I am seeking an asset based hard money loan for $12,000. with no credit check, where the property secures the loan
The property value if quite a bit more than 12,000
Hi,
I am starting my own business of wholsaling homes, and am trying to build my rehabbers and investors data. Can you tell me of a website that lists rehabbers from my area? I am in Fayetteville, NC. Thanks for any help.
Sincerely,
Jayme
Acquiring 24 unit apartment complex $600K. Need Hard money loan 90-100% LTV. Owner considering a carry of 15 years maybe more. Need 20k enough for a down payment. We have more apartments to purchase this year. Please contact Duke @ 843-566-4432 or Dukepeebles@yahoo.com
Hi, I have some question about rehabbing. Ihave a fewdeals that I’m working on and I need to know the appropreiate step to approaching the customer.
Thanks,
Hi, I am looking for private money lender,here in northern california the propreties worth more than $500k .reccently I had locate one preforclosure property and I need private money to reistate the default of the notes.
Thank you
a.s.a.p
maggiechenw@comcast.net
I have a client that needs purchase money for 5 SFR
NOO for resale.
She is looking for short term/bridge I/O loan.
Needs 80% LTV. Willing to pay a higher interest rate for Max LTV.
I like to find hardmoney lender or private lender..
who doesnt check credit score, but where the property secures the loan.In the san antonio,tx or any state that includes Texas..
I’m going to be looking at two properties over the next couple of days. I want to know the key numbers to meet to qualify for a hard money loan.
please help,I am looking for hard money lenders in atlanta,to fund residential properties,no cc,no money down,60 or higher ltv loan.thanks
Have questions about real estate deals new investor ready to go.
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We have all the info you need on hard money lenders.
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i’m looking to purchace a home within the next month,but do not have good credit,please help
D.B.W. Investment Properties
1437 East Seventh Street
Charlotte, North Carolina 28204
dbwinvestment_properties@yahoo.com
Phone: (704) 377-3054
July 7, 2008
Dear Sirs:
I have several properties lined up that consist of multi-units apartment buildings, condos and townhouses (blocks of 10 or more). These are motivated sellers with personal distress problems who have been trying for months to years to sell their properties using real estate agents with no success. I have made contact with over a dozen real estate agents who have shown me these properties where the owners are willing to sell. If I can come up with cash and close quickly. What I need is a Mezzanine Hard Money Loan that can provide me with 60 to 75 percent financing. I will need preferably a 70 percent loan to value ratio. The sellers are willing to cover all the closing costs. The equity in the property will be used as the down payment. These properties’ occupant rates are all 95 to 100 percent and can provide a positive cash flow to repay the loan. I am interested in either an amortization or interest only loan for 12 months. I am also willing to pay points and 10 to 15 percent interest with a no pre-payment penalty.
All I am seeking is a win-win-win-win-win situation where the motivated seller finds a buyer, the real estate agents make a commission, you the mortgage broker acquires a finder’s fee, the mezzanine hard money lender makes a profit and of course I get to makes a few bucks on the deal.
If you can find me this money, I promise you that I will be sending you these deals faster than you can handle them. Remember all of these properties are 95 to 100 percent occupant and I will be able to prove that there is enough cash flow generated from the property to cover the monthly mortgage payments.
Thank you your consideration.
Sincerely,
Dugal Berchell Watkins
It is best to reach me after 9:30 P.M. at home (704) 377-3054.
P.S. I am looking for a no money down hard money loan. I will be using 30 to 40 percent of the owner’s equity.
I am looking for hard money investors that could help me do deals in the state of Mississippi. No money down , no credit check. Alot of deals to be made.
I am looking for a hard money lender to finish construction of my house. The house is located in the prime neighborhood of Westwood, California. The house is 70% completed and it has been appraised at 3 million dollars when finished. I need $175,000 to finish construction of the house. The profit margin is very good and I have a complete presentation for any interested lenders including 3D renderings Please email me or call me at 323-802-5444
Dear sir,
How are you doing today? I am an investor and basically am into financing projects with the large and extensive funds that i have within my disposal. . Well i have about $200,000,000 dollars all tied up. I want to invest this fund and i will like you to come in and play a good and prominent role in this. Please send me an email and i will send you all the details on how this fund came about and we can start something. If you have someone that needs anyone to finance his project i can stand as a financier for him. I am basically an investor.
So i look forward to hearing from you soon.
Bye
Regards
Adamu
dradamu101@yahoo.com
Hello there,
anyone interested in Credit counselling / short sale offers or loan modification.. please reac me directly at 703-400-3223.. my consulting firm specializes in that and of course we have a lending division to go along.
Faycal Fakhry
703-400-3223
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Regards
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Hi, I’m interested in purchasing a property in Philadelphia. The asking price is $199,000. Need 100% financing. Can provide personal info. about income and credit history.
Hello,
I am looking for a hard money lender in the Birmingham AL area.
I need 35K to complete a property. No credit check- No money down. I do have collateral in the form of antique cars, jaguar 57, jaguar 84, thunderbird 76 and lincoln continental 66
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I need financing for 4 properties inIndianapolis, Indiana. Three are bank-owned; one is privately owned. All are way below market value. Can you provide 65% of the median ARV to finance these properties? Three are under contract. I need pre-approval letters as quickly as possible. Will provide details on each. Call 317-231-9804.
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Hello my name is Tiffany and I do real estate wholesaling. I do have promblems of finding other investors who can take the homes off my hands, I need contacts over other real estate investors. I am located in northern california.
Soory about the above email grammer, I am at work!
I am looking for a hard money lender that will lend in Connecticut. I have several new construction deals in which I am in position to build several single and multifamily homes. At all of the locations the cash flow will be positive to meet the financial commitment of the lender. All of the properties can be purchased and built for 60% or less of the completed project value, even in todays times when the home values are down as much as 25%. I can send the specifics to any interested lender so you can see the hard numbers and make you decision solely on the deal. I utilize a strategy that minimizes any interuptions. Typical deals range from a small deal of about $100,000.00 to larger deals which are in the 7 figure range. Contact me by cell or email, I have so many of these deals lined up, there are enough to go around for several investors. I basically deal with new construction, as I am able to negotiate the best terms for those projects. On all my deals your end will always be covered.
Eric
203-868-9211
EricHunco@Comcast.net
203-230-1301 fax
We need hard money for a single family rehab contract w/ the city of Chicago. We need $70K or 65% ARV. We have a 60 day rehab turnaround and a 3-5 month resell strategy. We are ready to close yesterday! Please contact me @ 866-721-0107
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