Hard money loan for my personal home as collateral??
I was wondering if anyone can help me out on a Hard money loan question in the Tucson Arizona area.
Well like any real estate investors starting off I run into another roadblock..
To keep my story short:
- I want to focus right now on my first flip to invest in buy and hold.
- I teamed up with a local wholesaler for the acquisition/deal flow
- I have been networking with a local hard money lender from the local REIA for financing.
- With trusted references and my network of construction workers. I could pretty easily have a team of rehabbed for the construction.
- I'm also fortunate to know a couple of really good real estate brokers for the disposition.
I really would like to work with the hard money guy that I know because he knows his stuff, he is honest and I think hes trying to mentor me. But when I asked if I can put my personal home as collateral for the hard money loan, he said his company does not accept personal homes as collateral for loans even though it has equity. He needs 20% down for any loan and as a construction worker with no deals under my belt. I don't have 20K to put down.
It would be ideal to get a hard money loan with my personal home as collateral and have the hard money guy that I know be a part of the deal somehow.
Is that possible?
Is a hard money loan with a personal home as collateral even viable?
Is their such a thing as a hard money home equity loan?
Do I even make any sense?
Any feedback is highly appreciated, thanks in advance.