Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
I have a free and clear property in Chicago that I want a collateral loan. Needing between 30-50% LTV. I prefer not to deal with mortgage brokers who is gonna rape me with fees and points. Perhaps a local Chicago investor who is familiar with the area. I only need this loan for 2-3 month but will make it 6 months and worthwhile for an investor.
I would imagine you are not getting the responses you were hoping for on your post because you are putting too many conditions on what a private lender is going to offer you. The posturing is wrong. If you are looking for money, maybe instead of indicating that you do not want to be "raped" by points and interest, instead ask for help from private lenders to provide their points and fees to you.
Since you are also in Canada, I would imagine that you are not looking for a mortgage broker anyway that offers conventional loans, since you probably do not have credit depth of two years in the US.
This leaves you searching for a private lender to not look at credit, maybe not at income or other things you would like to avoid, to qualify. Private lenders like this will most likely want 12% interest plus points, to look at this deal and give you the money you hope for.
I would imagine you are not getting the responses you were hoping for on your post because you are putting too many conditions on what a private lender is going to offer you. The posturing is wrong. If you are looking for money, maybe instead of indicating that you do not want to be "raped" by points and interest, instead ask for help from private lenders to provide their points and fees to you.
Since you are also in Canada, I would imagine that you are not looking for a mortgage broker anyway that offers conventional loans, since you probably do not have credit depth of two years in the US.
This leaves you searching for a private lender to not look at credit, maybe not at income or other things you would like to avoid, to qualify. Private lenders like this will most likely want 12% interest plus points, to look at this deal and give you the money you hope for.
I did not want to get any time wasters. I didn't even know someone even replied to this post as I already found a source and want to delete this thread