Do you know any HM Lenders?

I'm new to this site and new to my part time job of getting leads for both commercial and hard money loans. I have a lead from someone who needs hard money but within a one week time frame. Does anyone know of a good hard money lender. The one I usually would go to can't go this high. Please contact me if you do and I can send you details. Thank you.

Mary Ellen

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

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
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Icon_minipost Jun 27 '09, 10:53 PM

You may have a better response if you give a few specifics. Location, loan amount, details of the deal.

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

Jon Holdman, Flying Phoenix LLC

Mary Ellen Quinn

Accountant · Brockton, Massachusetts

2 posts
16 Influence

Icon_minipost Jun 27 '09, 11:03 PM

Hi,

Of course. Here is what he is looking for and some specifics involved:

He is seeking a loan in the amount of $20 million dollars secured by land appraised at $38 million dollars and the appraiser said the value dropped very little if at all. He needs the loan for 90 days and has a construction lender in place. He brings $5 million in equity to the project. The seller will have a lien on one of his properties in exchange for holding a second mortgage note. His takeout lender can pay off the loan in September and he's willing to prepay the interest for one year from loan funds.

Any help would be appreciated. Thanks

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

Joel Soforenko

Real Estate Lender · Springfield, Massachusetts

166 posts
694 Influence
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Icon_minipost Jun 29 '09, 12:58 PM

Mary Ellen, The due diligence for a standard hard money lender and time to go to closing will take well over a month and probably two to three. Even with an appraisal which validates the FMV, lenders today are not lending on raw land without a substantial contribution from the borrower (50% or more) or in the facts you give us, the borrower cross collateralizing property in an amount of $10M dollars or more. Otherwise, the borrower should think about doing a joint venture (jv) with another investor/developer.

Edited: 06/26/2010 at 08:47AM

Jonathan Kingston

· Hackensack, New Jersey

23 posts
30 Influence

Icon_minipost Jul 07 '09, 05:16 AM

Mary Ellen,
Good afternoon. I work for Kennedy Funding where we specialize in short term real estate loans. I was reading y our deal and i would like to discuss it with you in more detail. We are a direct hard money lender. Please contact me when you are free. Thanks.

Edited: 06/26/2010 at 08:53AM

David Wolvington

Real Estate Consultant · las vegas, Nevada

56 posts
73 Influence
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Icon_minipost Jul 07 '09, 05:32 AM

Mary Ellan
I might be able to help you with that 2nd note to help him get the cash for the hard money loan. e-mail me.
thanks
David

Edited: 06/26/2010 at 08:53AM

Joshua Holiday

Banker · Westmont, New Jersey

69 posts
312 Influence
2 Awards

Icon_minipost Jul 08 '09, 02:26 AM

please contact me about this deal

I have a source to fund this w no upfront fees

thanks

Edited: 06/26/2010 at 08:53AM