Hard-Money loan for a Cash Only property?

Question

Looking to purchase my first property, and came across a big equity potential project, but seller asking for cash only.

I was looking to utilize a hard money lender, both for the rehab project, and could potentially cover the 20%, but are there any hard money lenders that would go with the deal (Cash only) loan on the property as well, if the equity of the property is there of course?

Do I have any other options for such deals, if I can only put up to 20% of down payment, but seek a lender for the the rehab project?

David M. · Answer

@Sebastian Hernandez

Hard money lenders will lend to first timers. Your rates will be high, say about 10%. Also, you won't get at high of a LTV.

I'm getting lost in your different cash positions.

Where / what state is this deal?

Chris Cambridge · Answer

Those funds are out there but it must be compelling as hell for them to treat as first timer as a pro. Equity, location, deal size, opportunity.

Hard-Money loan for a Cash Only property?

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