Hard Money Lender?

Here I go again trying to help my friend. He is trying to possibly get a hard money loan for no more then 18 months. He wants to get $100,000 out of a house he has that is about $5,000 past due on taxes and HOA fees but other then that it's free and clear. He needs it to put into his other properties. The value is about $300,000. He tried to refinance it conventionally but they will only give him about $60,000. Is there anyone that is willing and able to help him? Thanks

Edited: 06/26/2010 at 08:41AM

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
75547 Influence
15 Awards

Icon_minipost Jun 22 '09, 06:03 AM

Where's it located?

Edited: 06/26/2010 at 08:41AM

Jon Holdman, Flying Phoenix LLC

Justin Gross

Real Estate Investor · Tampa, Florida

26 posts
117 Influence

Icon_minipost Jun 22 '09, 06:23 AM

Riverview FL. About 20 mins. southeast of downtown Tampa.

Edited: 06/26/2010 at 08:41AM

Steve Babiak

Real Estate Investor · Audubon, Pennsylvania

3895 posts
74586 Influence
14 Awards

Icon_minipost Jun 22 '09, 06:56 AM

Hey Justin,

Why not refer your "friend" to become a member of BP, and learn for himself?

That might help him more than you could realize.

Edited: 06/26/2010 at 08:41AM

Justin Gross

Real Estate Investor · Tampa, Florida

26 posts
117 Influence

Icon_minipost Jun 22 '09, 12:19 PM

Your right he should but, I doubt thats going to happen. His view on real estate is totally different then mine. He doesn't care much for networking which I think is huge in real estate. I'm just trying to help him out cause I know he won't look on here himself.

Edited: 06/26/2010 at 08:41AM

Steve Babiak

Real Estate Investor · Audubon, Pennsylvania

3895 posts
74586 Influence
14 Awards

Icon_minipost Jun 24 '09, 09:11 AM

Justin,

If you tell him where to go to look, and ask questions, to get help, all for FREE - and that you've been doing that on his behalf already - he'd be a real fool to not at least find out for himself about what could benefit him.

Edited: 06/26/2010 at 08:43AM

Scott M.

Real Estate Investor · Rochester Hills, Michigan

632 posts
4345 Influence
8 Awards

Icon_minipost Jun 24 '09, 10:38 AM

Sounds like he was approved for a loan - but he was only approved for 20% of the value.

Care to share why he was approved for only 20%. Does he have an approval problem - did the house have a value problem?

What is his exit strategy? How is the HML going to get their $$ back?

Most hard money lenders are going to ask these questions and many more - so share the details!

Edited: 06/26/2010 at 08:43AM

Justin Gross

Real Estate Investor · Tampa, Florida

26 posts
117 Influence

Icon_minipost Jun 25 '09, 04:13 AM

Honestly I don't know what his exit plan was. But he is horrible at keeping track of his finances and splurges way to much. I would call him just a land lord and NOT an investor. He is actually closing on the loan next week.

Edited: 06/26/2010 at 08:44AM

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Joshua Holiday

Banker · Westmont, New Jersey

69 posts
312 Influence
2 Awards

Icon_minipost Jun 26 '09, 04:30 AM

please contact me about this deal I can do this

Mr. Joshua Holiday
American Bridge Capital Fund, LP.
(contact info removed)

Edited: 06/26/2010 at 08:45AM by Moderator : Place contact info in signature.

Justin Gross

Real Estate Investor · Tampa, Florida

26 posts
117 Influence

Icon_minipost Jun 27 '09, 10:03 AM

He got the conventional loan. Thanks anyway.

Edited: 06/26/2010 at 08:46AM