Best place to look for Hard Money Lenders

[Reginald Park]

Hello,

I found this website as I was looking for feedback for the 'connected investors' website and was taken aback. This site was free to join and there are myriad posts to scan to get an idea of some of the less traditional facets of real-estate. Not sure if this is a place to mention why I am here, but here goes. I am between jobs (job in January likely - commission so it will take time to build a book of business) and my wife and I own a condo in Vegas (inherited) with no mortgage valued at around $175K (Zillow $192K - similar condo without a garage sold recently for $165K) We are thinking of either selling or turning it into a rental. The reason I am perusing websites like biggerpockets is we would like to extract some money to clean up and fix some things - and actually to have the cash to get out there as we live in California.

So we are looking for a hard money, or limited doc/No FICO loan for $50-75K to get some breathing room.

From what I understand, there are a few sites to look for monies like this - Are the 'hard money' sites listed on biggerpockets a decent selection or are there any recommendations from the board?

Thanks

Reggie 

[Jay Hinrichs]

Originally posted by @Andrew Postell:

@Reginald Park please do leave this post up here but you can also post this in the Nevada forum.  Maybe some more locals there would have some good ideas.  There are also some real estate investor groups around Las Vegas (if that's where you live).  Try searching for them here or on meetup.com  Just some ideas in your search. Good luck!

 Keep in mind ANY Loan in Nevada on a 1 to 4 unit owner occ or not.. the Company and Individual doing the loan.  must be NMLS licensed and State licensed.  there are 12 states that require this in the US..  Texas is not one.

And NV is VERY strict I made one comment one time on BP about looking for an RMLO to do a loan for me. ( I am the money) and I promptly got a letter from the NV division of finance stating : 1. they see I am licensed NMLS  and state licensed in Oregon but not NV

and if I have made any loans in NV I am in violation.. and we need an notarized sworn affidavit that you have not loan any money in NV>

So anyone on this site or anywhere else that says they can loan to you and does not have a NMLS or state of NV lender license is doing it illegally and many will be just flat out Scammers..  IE Fake Lenders.