These are entities that will loan you money for investor property usually on a short term, at a higher rate of interest then you would get at a local bank. This is for someone who does not have the income, or paperwork to get regular loans.
I say more for investors because states like Georgia have come out with laws that stop real high rates of interest on primary residences, and most second chance or hard money guys will get in some hot water if they loaned on that type of investment.
You can find hard money guys through most of your local REI associations. Or ask other investors local to you.
Somtimes they can pay off, you can get a loan 8-10% with a point or two, and have a really great deal on property that makes you much more.
bernel77,
These are entities that will loan you money for investor property usually on a short term, at a higher rate of interest then you would get at a local bank. This is for someone who does not have the income, or paperwork to get regular loans.
I say more for investors because states like Georgia have come out with laws that stop real high rates of interest on primary residences, and most second chance or hard money guys will get in some hot water if they loaned on that type of investment.
You can find hard money guys through most of your local REI associations. Or ask other investors local to you.
Somtimes they can pay off, you can get a loan 8-10% with a point or two, and have a really great deal on property that makes you much more.