Next step in the lone process, hard money.

[Blake Charles garrick]

After partnering with an private investor, willing to put up the credit score and/or 3 months of bank statements showing at least $15,000 in the ending balance, to help qualify for a hard money loan, the company in qustion is "Lending Home". What are the next steps nessecary in the process of successfully getting the loan approval. Loan Details -We lend up to 85% of the Cost Basis (Purchase Price) of the property or up to 70% of the ARV, depending on the deal. (Whichever is lower)  -We lend 100% of the rehab funds.  -The two numbers above are added together for one total loan amount. (min. $75k) -This is the amount you pay the INTEREST ONLY payments on. (monthly) -Base Interest Rates range from 11%-12%, depending on down payment % -Loan Term: 12 Months -No Prepayment Penalty -No Junk Fees -We work with individuals, as well as entities such as an LLC's or Corporations.  property 1105 Paula DrArlington, TX 76012 $164900 3bed 2 bath 1560sf

[Christopher Phillips]

@Blake Charles garrick

Hard money is usually for short term lending for flips.

If the rental property needed a lot of work first, then you would use hard money temporarily just to fix it up and then refinance it into a traditional loan.

For buy and hold, you're just buying a house with a regular bank.

If you have a partner that is willing to supply the credit and the bank statements, then just speak with a local lender about obtaining financing.