True Hard Money Equity Lender
I'm over in the Richmond, VA market and currently looking for a hard money equity lender. By equity lender I mean to say one that loans solely based upon the equity base in the property. Someone who's ONLY concerned with the equity position in the property. I'm not particularly looking for a lender that lends a percentage of what I'm paying for the property. They shouldn't be concerned with how much I paid for the property or how much money I put down, or even my history. Taking a first position is a given. Here's an example straight from Mr. Quarles: "I can buy a property at 60 cents on the dollar and they will loan 65% of the equity position. So if the house is with a hundred, I can buy it for $30,000. They will loan $65,000 against the property. They will cut me a check for the difference after costs are paid". Again, a true equity lender only cares about the equity base- this is what I'm looking for.