The most compelling reasons for using Hard MoneyLenders are:
1. Less time involved
2. Less qualifying to close your transactions!
The Hard MoneyLender provides you with the funds you need to quickly close on a "Hot Real Estate Investment "! Remember that it is not the "cost" of money that is important, it is the "availability" and "timing" of the funds.
Finding a hard money lender is not that difficult.
Finding one in your areas takes a bit more work.
Look for a local RE investment club. Normally folks there will know the local HML lenders and there might even be members of the group who lend.
Check the local newspapers to see if anyone is advertising.
Use the web. Check to see if the hits you get lend in your area.
Be prepared to do your homework. HML deals only work if the equity is there and you can afford the interest rate. Hence most deals will never stack up when you do the numbers.
The most compelling reasons for using Hard MoneyLenders are:
1. Less time involved
2. Less qualifying to close your transactions!
The Hard MoneyLender provides you with the funds you need to quickly close on a "Hot Real Estate Investment "! Remember that it is not the "cost" of money that is important, it is the "availability" and "timing" of the funds.
Look at http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=528&mode=nested
Also look at http://www.thecreativeinvestor.com/LenderFinder-index.html
If the interest rate is high enough and the perceived risk is low enough, they will put the money up
If this were a hold property I would not suggest the use of hard money.
put "hardmoney" in your search. you will find plenty..........km
Finding a hard money lender is not that difficult.
Finding one in your areas takes a bit more work.
Look for a local RE investment club. Normally folks there will know the local HML lenders and there might even be members of the group who lend.
Check the local newspapers to see if anyone is advertising.
Use the web. Check to see if the hits you get lend in your area.
Be prepared to do your homework. HML deals only work if the equity is there and you can afford the interest rate. Hence most deals will never stack up when you do the numbers.
John
[ Edited by NC_Yank on Date 08/26/2004 ]