Residential Owner Occupied Hard Money Home Loans

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Residential Owner Occupied Hard Money Home Loans

Todd McNeely
Member since 2023 · 3 posts · 0 votes

Does anyone have a resource to provide Residential Owner Occupied Hard Money Home Loans? Again not seeking a Fix & Flip or Investor loan. Currently I have a client desperately in the need of one & I come across this need on a reoccurring bases.

Below is what my current client is looking for & what they can offer.

* Price of Home = $400,000 approximately

* Area of Purchase = Spring Hill or Columbia TN (about 45 minutes South of Nashville TN)

* Down Payment = 40% maybe more

* Interest Rate - Expecting somewhere between 10 to 15% but negotiable.

* Term/ Duration - ????

* Credit Score of Borrowers = Low 500's

In summary the client can make a huge down payment & is willing to pay a very high interest rate but there credit score is terrible. Additionally there credit score is low due to previous mortgage history amongst other variables.

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
3y

the only lender i was aware of that did these was in So cal.  google will help with this.

be very cautious of fake lenders though .. 

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    3y

    the only lender i was aware of that did these was in So cal.  google will help with this.

    be very cautious of fake lenders though .. 

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  • Todd McNeely
    OP
    Member since 2023 · 3 posts · 0 votes
    3y
    Very Much appreciated, I will certainly reach out to them, see what they can offer, & let them know you referred me..
    You are certainly correct, traditional search engines were of little to no help at all trying to find someone in this unique space..
    T
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  • Todd McNeely
    OP
    Member since 2023 · 3 posts · 0 votes
    3y
    Sorry, first time on the board & accidentally mistook your company as the provider..
    Most search engines purely return Non owner occupant short term fix & flip investor loans but can't find much of anything for Owner Occupant hard money home loans...
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  • Sanat Bhandari
    Investor · Omaha, NE · Member since 2021 · 244 posts · 163 votes
    3y

    @Todd McNeely That is possible but you're looking at a lower LTV for a hard money lender to fund the deal, which seems like you have

    The term is generally 12 months so have a plan to refinance by the end of it. Feel free to PM me for any help

    @Owen Dashner may be able to help? 

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  • Owen DashnerPro Member
    Lender · Omaha, NE · Member since 2008 · 1k+ posts · 1k+ votes
    3y

    @Sanat Bhandari Jay Hinrichs is correct - I am not aware of any hard money lenders who will loan to owner occupants of a property except maybe a small group in the California area. Regulations are much more strict on loaning to an owner occupant than doing a B2B loan to the point where it isn't worth doing them for the HML.

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y

    Why do they desperately need a hard money loan? 

    There are hard money lenders that can do it, but it just has to make sense. Is he not able to qualify for a Non qm, conventional, or FHA loan?

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Todd McNeely

    Have him put it in a LLC and I have someone who could do the loan. Expect it to be around 13% and 3 points especially with that type of credit.

    Also need sizable down payment on home - assume it’s new purchase

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  • Luka Milicevic
    Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
    3y

    @Todd McNeely

    Haven't heard of a HML that will do primary residence loans. I believe it's because they will fall under Dodd Frank regulations which are much more stringent than a non owner occupied loan.

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