Finding The Hard Money People
Can anyone point me in a direction to find good hard money lenders? I have found about 12 properties for sale all needing some type of rehabbing I have talked to a few hard money people either they dont do loans in my area or I just dont feel right with what there offering. Any one????.
I have searched long for hard money lenders and the one that LOOKED the best on paper was equity max. I have never actually used them but they looked good. the way I found them and several others was just doing a search on the internet..hard money lenders + whatever state you live in, but I am sure you have tried that. also I found a good local bank that does hard money too.
Look for a local REI Club... Join it and watch your contact base (and friendships) grow almost immediately! This is a great way to get hard money.
*Always do your homework on everyone in every case.
If you are near a large RE investor group (normally near a major metro area) then definitely ask there. The reason is there is normally a culture in such clubs. People know who to deal with, they know what the local market will handle (price and terms), and they know what the escrow process is like.
When looking for HML look for folks who lend in the same duration that you think you need. If you want something that is for more then 12 months consider a note transaction where the note is bought out of escrow. The reason is you will many times find the note buyer will offer better terms then the HML. Different 'underwriting' criteria basically.
John
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