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Forums » Seeking Financing, Money, or Loans » YES a 26%LTV Hard Money Loan Needed

YES a 26%LTV Hard Money Loan Needed Subscribe to YES a 26%LTV Hard Money Loan Needed

7 posts by 5 users

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Tag Tags: hard-money


Winston Westbrook

Residential Real Estate Broker · Victorville, California


Forum_avatar_avatar-winjwest

Dec 08 '10, 08:33 AM

Dear Bigger Pocketers!

I need to find a hard money lender that will lend my client $35,000 for a slam dunk deal.

The following are the particulars of this deal:

1. Sales Price $135,000
2. He is putting a down payment $100,000
3. Needs 5 year term minimum
4. Owner Occupant
5. No pre-payment penalty

Home is:
1. Built in 2006
2. Located in Phelan, Ca
3. 2 Acre lot
4. Property is 2,300 sqft

He will have $15,000 in reserves after the sale. He is unemployed and about to retire. Currently on temporary disability. Almost no debt on credit.

Please call me if you know of anyone that would be interested in helping my client.

Thank you,
Winston
[PHONE NUMBER REMOVED]

Edited: 12/08/2010 at 10:26AM by Moderator : contact info in signature, please


Paul B.

Real Estate Investor · Alpharetta, Georgia


Forum_avatar_avatar-deucesevenoff

Dec 08 '10, 08:40 AM

I know this is a dumb question, but why won't a bank loan him $35,000 against a $135,000 house?


Winston Westbrook

Residential Real Estate Broker · Victorville, California


Forum_avatar_avatar-winjwest

Dec 08 '10, 09:00 AM

Originally posted by Paul Broni
I know this is a dumb question, but why won't a bank loan him $35,000 against a $135,000 house?

Thanks for commenting Paul.
He is on temporary disability so his income is not 100%. Otherwise, yes he would be able to get a loan from the bank.


Darryl Dahlen

Commercial Loan Officer


Forum_avatar_avatar-themaineevent

Donor
Pro Basic

Dec 08 '10, 09:14 AM

The loan amount may be prohibitive, but I'd be happy to give you the contact info of a lender who may be able to help.

Email me and I'll give you their information.


Winston Westbrook

Residential Real Estate Broker · Victorville, California


Forum_avatar_avatar-winjwest

Dec 08 '10, 09:58 AM

Originally posted by Darryl Dahlen
The loan amount may be prohibitive, but I'd be happy to give you the contact info of a lender who may be able to help.

Email me and I'll give you their information.

Thank you. I'll send you an e-mail


Don Konipol

Note Investor · Tempe, Arizona


Forum_avatar_avatar-dkonipol

Pro Basic

Dec 09 '10, 06:18 PM

Your client would do better with private money rather than hard money. There are a number of trust deed and loan boards for private mortgage investors. Just post this loan on these boards and you should get plenty of interest. While as a hard money lender 12-14% interest and 4-6 points would be the fee, a private investor could be found to finance this deal at 8-9% and no points!


Mathew Hill

Real Estate Consultant · Stamford, Connecticut


Forum_avatar_avatar-monne_estates

Jan 11 '11, 03:18 PM

If you haven't found the help you need for your client, I have an investor in CA that might be able to help. Contact me and let me know.

I got a rehab deal done in 48 hours with this associate of mine




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