Hardmoney lenders are looking to back their risk with equity in the property.
I along with most do not do deal unless the Loan to value is less than 70%, many require skin in the game meaning you have to either bring money to the table or do repairs out of your funds first and then they will repay that after the verify. These transactions can be very fast it depends on how fast they determine the properties value and how quick can they get what info they need from you and third parties like title companies, inspectors, etc... Hardmoney guys typical lend on only non-owner occupied properties.
Depends, if you are worried then start out as a birddog, where you get a finders fee. If you put it under contract and put down a deposit, be sure to have a list of all the investors in your area that you have accumulated through your local investor club and newspaper ads.
[addsig]
Hardmoney lenders are looking to back their risk with equity in the property.
I along with most do not do deal unless the Loan to value is less than 70%, many require skin in the game meaning you have to either bring money to the table or do repairs out of your funds first and then they will repay that after the verify. These transactions can be very fast it depends on how fast they determine the properties value and how quick can they get what info they need from you and third parties like title companies, inspectors, etc... Hardmoney guys typical lend on only non-owner occupied properties.
thank sammy
so hard money lenders dont lend to do the repairs
Depends, if you are worried then start out as a birddog, where you get a finders fee. If you put it under contract and put down a deposit, be sure to have a list of all the investors in your area that you have accumulated through your local investor club and newspaper ads.
[addsig]
Get Mathew Leskos book. Search online amazon or your local book store. If it does not have no one has
Good Granting
PS Hmmm.... great idea...hopefully the current regime has not done away with.