Hard Money Lenders In My Area Are Changing Their Tune
I bought a house last year through a 2nd tier mortgage co. at 100% financing. The place was purchase/renovated/sold within 6 mo. Recently, I went to the same one(and several others) and they wanted to work on terms of 85%LTV, 8.5% variable int. (adj. quarterly), and agreemtent to hold for 4 yrs. Others wanted an 80% LTV and multi year hold on the property. My state is tops in foreclosures (indiana) But I wonder why they are responding to me that way when I have excellent credit and the funds for renovation in the bank???
This does not sound like "hard money" this sounds like conventional financing for non owner occupied. Try a real hard money lender like brookview etc.
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