RE: [RealEstate] Still Looking for Hard Money Lenders(Michigan)

[Andy Brager]

>  Maybe I am just missing something.   What you make no mention of are his other requirements:  1) No income verification (ie. no income), and 2) the one he failed to post but expects: no monetary participation of his own.  ie. no risk.   Do these 2 additional items still fit your definition of hard money?   No credit check, no upfront fees, and the loan determined by the value of the property are obvious and expected when it comes to hard money.  Except that you've nailed it on the head when you stated "The one firm that I know that will go to 24 months wants to see the credit file so they get to understand the borrower better. They do not use the score they just want to know who they are dealing with. "   ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I would say that the 4 people on the cc line have not done there homework when it comes to what was posted as the original request and what true hard money is. The person who gets it partially correct if CrM. The other three appear to not know that traditional hard money (no credit check at all, no up front fees and the loan determined by the value of the property) is out there and savvy investors are making good money landing deals with such funding. True hard money is not the right solution for a lot of situations. The LTV is lower than many would like (65% of the as-is value for some HML when there is no credit check). The costs are what you would expect from hard money (15% and 5 points appears to be par these days) and the funds are not available for owner occupied properties. It definitely is out there for good deals. Be a bit more gentle to the person who posted the request as they appear to know more about hard money than many of the folks who have responded so negatively.  BTW - There was never a statement the loan would not be lacking collateral or that the fees would not be paid when the loan closes. The only point that I think will be hard to find is a HM loan for 24 months if all the other factors remain as presented below. The one firm that I know that will go to 24 months wants to see the credit file so they get to understand the borrower better. They do not use the score they just want to know who they are dealing with. When you are at 12 months or less there are multiple lenders out there who will offer loans on the terms below. BTW - Many times you can find such a lender in your local investment club meetings. I closed a loan in Detroit just a few weeks ago on terms that fit everything below except it was for 12 months max. John Corey Manager/Member Chelsea Private Equity, LLC +1 (503) 906 7840 x1108 +1 (503) 210 0227 (efax) Begin forwarded message: I'm looking for a real hard money lender.  No credit checks No up front points No income verification No cross collateralizations With: Quick closings (2-3 weeks) Loans terms 12 to 24 months Loans from 20K to 500K Loan secured by the real estate I don't mind getting the property appraised. But, the loan should be  based on the value of the property. If this is something that you can provide, please drop me a line. Thanks, Apply for Commercial Real Estate loans online and submit your deal to dozens of hungry lenders in just minutes. Loan programs for all types of business and commercial real estate. Apply anytime at http://realestatezoo.com RealEstate Part of RealEstateZoo.Com ------------------------------------- Post message: RealEstate@yahoogroups.com Subscribe:  [EMAIL PROTECTED] Unsubscribe:  [EMAIL PROTECTED] List owner:  [EMAIL PROTECTED] Web Site: http://groups.yahoo.com/group/RealEstate YAHOO! GROUPS LINKS  Visit your group "RealEstate" on the web.    To unsubscribe from this group, send an email to:  [EMAIL PROTECTED]    Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.