International Hard Money lenders?

Question

I'm living in South Africa, looking for money lenders, besides my banks (10.5%), but can't find any. Is there a way I can get money lent from an international hard money lender? Thanks

Pieter De Wet · Answer

Hi Zane....good to see a fellow South African in the BP community. I'm living in Middelburg Mpumalanga and are also on the lookout for HML's. With a project we have considers using shipping containers as an alternative to brick-and-water (due to delivery cost we parked that idea for another day). Due to the nature of the shipping containers and the banks not willing to finance such a project we seeked funds elsewhere. I came stumbled onto a company that are in the business special if you looking at houses using alternative energy. You can go and check the out on http://greenfin.co.za/ you never know they might just be willing to assist.

For interest sake and possible future reference also have a look at Sustainability Products ( they are located in Kraaifontein, Capetown...not to far from you).

http://www.sustainabilityproducts.org/

Let me know if you find some HML that we can approach as well, will let you know if we got anything.

For interest sake and possible future reference also have a look at Sustainability Products ( they are located in Kraaifontein, Capetown...not to far from you).

http://www.sustainabilityproducts.org/

Let me know if you find some HML that we can approach as well, will let you know if we got anything.

Bhekizwe M. · Answer

Its great to have such determination. keep at it

Andrew Syrios · Answer

I've seen some lenders that specialize in that sort of thing. Here in KC, Peak Financial will do that (but only at 50% LTV, I believe). They are few and far between though.

Maribel Manibo · Answer

Could crowdfunding real estate websites be an alternate? Perhaps you could cultivate a hard money lender (a person instead of a formal business?) in the expat community? Or partner with a foreign business with presence in RSA that has access to HML? It's my understanding that hard money lenders aren't necessarily the formal businesses you might find online, but simply any person/entity willing to provide a short term loan, collateralized by property, and willing to take (mostly) interest only payments and defer full / majority repayment of the principal upon the term end. Could you find a sample promissory note with such a loan structure, run it by an RSA lawyer and find lender prospects? Private loans are private loans and contracts are contracts, right?

Zane Bradshaw · Answer

Thanks for your reply. I have found a few fundng options in the last 24 hours.

The challenges I am facing are as follows:

Firstly, I am 18 years old, I am super determined in owning my first property in the next 3 months, but I am still writing my final exams. I spoke to my dad about locating money lenders and he told me I'm wasting my time because no one will give me any money if I don't have an income.

Secondly, the people close to me are telling me that most of the money lenders are probably scammers, trying to take my identity, so I cannot trust anyone,

And thirdly, my dad is telling me that because I am 18, I am at no legal age to sign any formal contract for any loans.. He says I have to be 21 years old.

I really hate being limited like this. I just want to get things rolling already..

What are your thoughts on what I've been told?

Zane Bradshaw · Answer

thanks for the replies guys. I went and checked out those two websites, and they look good. Thanks.

International Hard Money lenders?

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