Originally posted by @Brittany Hill :
How do I find hard money or private lenders in my area? I live in Westland, MI and I'm new to REI. I have yet to close on a deal because I don't exactly have to funds to do so. I've been trying to find out how to connect with a hard money lender in this area, but I don't know anyone who could possibly help me.
Also, how would I approach a private lender or hard money lender? What exactly would they want to know?
You type "Hard Money Lenders" in the search bar above. You might also type "HML".
Most will lend 65% to 70% of the purchase amount. On a $100,000 project they will provide $65,000 and you will provide $35,000.
Hi @Brittany Hill ! Good luck on your REI journey. You can find a HML by searching hard money lenders on BP since a lot of companies, myself included, post ads in marketplace. You can also find them in directories, since many companies lend nationwide. As for finding a local HML, I think your best shot would be to attend a local real estate meetup since a lot of companies attend to network.