Virginia Hard Money
Looking for TRUE Hard Money ....ROI...Negot......25-30 flipped properties over the 7 years.....2 professional letters of reference provided......Loan amount (55,000) is 65 % of ARV (85,,000)....Will need funds for 3-6 months....
Contact VAFlipper
[ Edited by VAFlipper on Date 11/04/2007 ]
Good luck on finding True or real hard money lenders. I am finding that there just are none. They all still want decent credit reports, albeit lower then banks want but I just dont see or cant find Hard money on just good deals with the numbers backing the deal.
The gentleman I was referring to is indifferent- if he gets his high rate of return, good, and if he winds up with the property, that is good too.
That is the basis of a true hard money loan- the value of the collateral is high enough that it is better if the borrower defaults. Every pawn shop runs on this principal. The credit worthiness of the borrower is immaterial since the lender is just as happy with either outcome.
Speaking of pawn shops, some of the larger ones may be willing to help you with this if the collateral is sufficient. They are used to dealing with borrowers with no credit.
I guess my question would be- if you have succesfully flipped four properties a year for the last seven years, why do you need to borrow the money at all, let alone have no credit?
Chris
send me yuor contact number and I will give you the guy I use.
Asset only backed hard money is VERY hard to find now. MOST want a 620 minimum credit score so you can refi. out of the deal if it does not sell.
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