Hard Money Lending for beginners

[Reginald Johnson]

Has anyone had experience with hard money lending?  

I have a 2 family unit that I pretty much own out right.  It needs about $25K in repairs to make the property presentable/livable. I've tried the traditional loan, but my credit is not what it needs to be.  

I'm currently working on my credit situation but did not want to pass on this opportunity.  I have 2 renters willing to write "Promise to Lease" letters for both units.  

Any insights or advice on the subject?  

Thanks,

Regi J

[Antoine Martel]

Originally posted by @Jay Hinrichs:

Originally posted by @Antoine Martel:

Originally posted by @Jay Hinrichs:

Originally posted by @Antoine Martel:

Personally - I dislike and haven't used hard money. 

Have you spoken to any credit unions in your neighborhood? 

Sometimes these credit unions are willing to give $ to investors like you who are going to renovate properties in their city. Typically they are going to give you construction loans at a much lower rate than hard money will.

 Bad credit precludes lenders that you suggest.. 

 Thank you.

your most welcome of course... when someone post their credit is not what is should be that's code for bad credit.. bad credit does not borrow from institutions.. you should know that . 

 Many credit unions lend funds to people with bad credit.