Hard Money Loan

3 Replies

Hi All,

I'm an experience broker, property manager and contractor.  I opened up my own shop just over 2 years ago and claimed very little income on my taxes.   I am having a strong year and have an even stronger year ahead outlook.  I have descent crecit and 20% to put down.

I am looking to buy a home for my family.  We have one picked out.  I will qualify for a mortgage after I complete 2015 taxes.  

Is there any hard money available to bridge the gap between now and when I file 2015 taxes.

Thank you

@Andries Butler

Most HML's won't lend if it's going to be owner occupied. Since it's already August and you can file 2015 taxes in late Jan, why not just wait the five months? That way you don't have to stress about refinancing any gap type funding you might be able to get - I think that would be a less risky approach.

- Tom

@Tom S.

I wish I could wait Tom!  I'm very fortunate to have this opportunity and I put it under contract shortly after it was listed.  There was a ton of interest in this property so I could not delay.  I was only able to get 60 days to close.

How long do you need the loan? 

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