Private lenders wanted in Indiana
New investor looking to take advantage of the upcoming foreclosure opportunities in Indiana. Primarily Northern IN.
Looking to borrow @ 65% LTV, 10% interest (3 points + 7%) 1st yr, 7 per additional. Non-recourse, secured by property. Ex.: I find a deal with 100k ARV, you send me (my att'y) $62k and I pay 7% annually on $65k. 1 loan, covering 100% purchase and rehab (if needed).
1 --> 3+ yr. term.
You will get copies of original note & mortgage, proof of value, title insurance, fire insurance (as mortgagee), and in the case of default, an assignment of rents if I attempted to sell with lease purchase.
Most Popular Reply
Private Money Lenders are called private for a reason lol. My recommendation would be to start using hard money or a hybrid of both. Once you go through the full process a few times, you'll have the portfolio to show potential private investors the returns they could get. From my experience Private investors like to see that you've done a few before they fully invest