Wholesaler · West Hills, CA · Member since 2016 · 6 posts · 0 votes
Hi everyone,
Help!
I am looking into getting an hard money loan. The question I am asking, do you have to have a property description and hand to get a loan approved. Should I bid on an property before I call an hard money lender and put information all to including price, what type of property.
Help!
Question - Do hard money lender give to start up investor that are not working, but if the deal look good for them do you that they invest and your flips.
Does any know of these type of lender - with hard money loan.
Phoenix, AZ · Member since 2012 · 38 posts · 1 vote
10y
Hi Jessica,
I would recommend calling some of them that lend in your area to get their requirements. I am still looking for my first deal and have spoken to a few HMLs. The ones in my area expect to see the deal, before they determine the loan specifics (you will likely need to come up with at least 10% though).
My plan is to get the deal under contract and secure the financing during the due diligence period.
If anyone has other advice, or critique for mine, I would love to hear it as well.
Mark Spivey