Looking for advice on getting hard money loan in Denver area ASAP
I am currently analyzing an opportunity that will likely require that I make a purchase in cash to expedite the sale and beat out the competition. I will need $400K. I will use this to bridge a gap between the purchase of this property and a sale of another property that will yield ~ 200K -- plenty for a refinance with funds to start rehabbing and developing the property. Of course, the sale of that property can't be predicted -- but suffice it to say that the asking price has been confirmed by a recent appraisal from a lender.
Anyway, what will a hard money lender look for and what will cause a lender to reject an application? We currently have 2 mortgages but also a decent salary with long-term employment history. The property to be purchased is on over 1 acre of land with a structure that could become a residence with zoning for several MFRs or SFRs on the land.
And... what is the best way to find the lender???