Updated over 12 years ago on . Most recent reply
All Uses for Hard Money Lenders
I'm an investor but also a Realtor in Northern VA (I don't invest here......I'm not rich). I have a client selling their home but they haven't paid their HOAs in a few years. They also don't have the cash to cover them before closing. They have about $50,000 in equity on the house and after the sale, should have around $40,000 in proceeds. However, the HOA will likely pose a problem and I don't think they can have a promissory note to pay the HOA dues at closing. The client requested I find a Hard Money Lender who is willing to fund about $10,000 for the dues for about a month and take payment at or right after closing. I have never heard this method before, but it makes sense. Anyone have input/advice?