Hard Money Lenders: What are they looking for?
Hello everyone, I'm new to real estate investing and have one duplex I own in St. Paul, MN. I'd like to expand and purchase more property. My focus is set on purchasing an apartment complex that has a minumun of five units and to live in one of the units. I've been advised that finding good Hard Money lenders is a smart route to go because my ability to pay 20% on a conventional loan is limited, at this time. My question is, what are hard money lenders looking for? Good Credit, guaranteed money back, skin in the game (money down)???? I'm not a multi-millionaire (yet) but I'd like to know what they look for in a good deal and in a good borrower.