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Hard money Bradenton, FL 
6 posts by 4 users
Eric F.Loss Mitigation Specialist Bradenton, FL |
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I am looking for a hard money or private money lender who will lend in FL. Primarily OO but not all. I need to know general guidlines. This is for short-refi loans, some will be foreclosure bailouts. |
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Jon H.Real Estate Investor Denver, Colorado |
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Are you sure you want hard money for this? Hard money is usually short term, six months or less, and at very high rates. If these are homeowners staying in the properties, and I assume still owning the property, how do they get out of the HM loan? |
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Eric F.Loss Mitigation Specialist Bradenton, FL |
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I know hard money is not ideal, but the idea is to keep the home first. Then to get their credit cleaned up and get them qualified for a more conventional type program. The high rates shouldn't be a huge factor when you consider the huge reduction in principal they are paying on. For example I am working with a client who got a notice of adjustment from their current lender their payment is going to adjust from 1700 to $4800 next month. Obviously this is not something they can afford. While at the same time the value of their house has dropped from $700,000 + to around $350,000. Using a 65%ltv and 15% int. their payment int. only is 2800. Which would be something they could work with for a few months while getting life reorganized. If you have any other suggestions I would gladly consider alternatives. |
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Jon H.Real Estate Investor Denver, Colorado |
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OK, I get the difference in payment. If the value is $350,000, a 65% LTV would be $227,500, and the payment at 15% would be $2800. But, how do you get the house away from the bank and back to the current owner, and have the owner only owing $227,500? Its going to take a couple of years, not a few months, before they will be able to get a loan. FM guidelines are two years to get a mortgage after a short sale. |
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Ben C.Wentzville/St. Louis, Missouri |
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Eric, Are you familiar with programs that have equity sharing? By the way, what is your relationship with the clients? Equity sharing is set up so that owner occupants can remain in their home own. In return for getting out of the mess they may be in they agree to give 10% of their equity away when the property sells. Rates are usually in the mid 7s for this. |
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Jeff L.Real Estate Lender Texas |
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Depending on the appraisal value of the homes, I might be able to help |
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Posted: 07/24/2008 at 07:00AM
