Need Financing Advice
Hi I am a newbie and have come accross some good deal forclosures in my area. Question is on financing. I could get a loan for my corporation thru my business bank with a personal guarantee, however we are also building a house personally at this time and I dont want to screw up the financing on that. Is there any type of financing you can suggest where I will not run into this ? I want to buy, rehab & sell.
Thanks
Most hard money loans do not show on your credit file.
dl will ... thanks for your response
Since I am new at this what is the best way to find a "good" hard money lender.
do you have any you can suggest ?
Thanks
If you expect to buy a foreclosure at auction then you will need to have the cash before you can get title. Hence a HML will not be able to lend on the target. Expect that you will therefore either have other security (a different property) or need to buy before the auction (pre-foreclosures where you can use escrow to line up the title with the cash).
As to HML - Check with local investor clubs, the lender area here and in the newspapers (money to loan).
John
[addsig]
Many knowledgeable mortgage brokers also have access to HML, but they want a cut