Aug 02 '09, 08:52 AMHello,
I'm currently looking for a Hard money lender to help finance acquisition deals of REO properties in the Charlotte NC region. I've gotten suggestions from other investors about national HML(e.g Brookview, Investwell, etc'), but wanted to know if there were others I should/could consider.
I have 680+ scores from all 3 bureaus and have money on hand that I can throw into the deal. My problem is a lack of job history in trying to get funding through a traditonal/portfolio lender. I've been in school, and then self-employed for the last 8 months so the job history, and requisite 2 years tax returns are not there. I've been reading the board for quite some time now educating myself, and feel like it's now time to get off the sidelines. The only thing holding me back(initially at least) is funding, and I don't want to use a cosigner as other local banks have suggested. I feel I would like to do this alone if possible.
What I'm looking for:
-Hard money lender that can fund REO properties for acquisition cost of probably no more than $120,000.
-Term Rate of at least 6-9 months with option to extend.
-Ability to roll some costs (i.e points, closing, etc) into the loan
-Access to funds quickly for making offers on REO to the banks.
-At least 65% ltv ratio to be included in the loan.
Hope I have provided enough detail. Thank you very much for your time. This board has been an incredible wealth of information!
