I heard when trying to apply for HML they like to see some experience, is that true? The reason im asking is because im a new investore and i want to use a hard money lender...
HML's usually will check you and your experience out first, then take a look at your deal... I know 2 HML's that don't deal with 1st time investors... I think they will preapprove you with contingencies based on the deal...
I just did my first round of application with an HML.
I have limited residential experience, been mainly a silent investor in commercial.
From my experience they are most concerned with the fair market value after repair, and the area.
(For example they won't touch houses in rural areas, only densely populated urban areas.)
Their main concern is liquidating the property in the event you don't pay the note.
It may help to put together a list of contractors that work with you, to make your case stronger.
thanks for advice...
Oh yea another thing. can they pre-approve before i buy any house or do i have to have a deal lined up before they can even pre-approve me?
HML's usually will check you and your experience out first, then take a look at your deal... I know 2 HML's that don't deal with 1st time investors... I think they will preapprove you with contingencies based on the deal...
Good Luck!
[addsig]
writergig
Since you live in NY whats the name of that you used?
thankss
I do all of my RE deals outside of NYC, mainly in VA and NC.
Hit me with an email and I'll give you the details.
writergig-yahoo