Hard money/Consumer loan

2 Replies

I’m looking for a hard money lender and was wondering if this would be the right place to ask. I don’t need much I am looking for 35k to purchase a manufactured home on land, the land alone is worth 30K I am willing to offer 5K down and pay it off in 36 months at 10%. The property is in Arizona (AZ). The major issue that I am seeing is that dodd frank put an end to consumer hard money loans. So my question is: is there a way to acquire a personal loan that is backed by the real-estate property and stay within the legal restrictions?

For something that long you might be better off with a mortgage.

Most HMLs will only do about 70% loan to value requiring a gap funder for the remaining 30%, you will need to show them comparable homes to prove its worth as well. Be aware of them charging interest AND points.

You can look them up by state here...
moolahlist.com


Bigger pockets even has a section on them...
https://www.biggerpockets.com/hardmoneylenders