All Forum Posts by: Account Closed

Hello, I lend in multiple states and work with new and seasoned investors. Would love to chat! 

Hi Nicole! I work for a private lender who lends hard money. There isn't necessarily a difference but hard money is typically for quick fix and flips.. then on the other hand our DSCR loans are not hard money which is why we call ourselves "private", mainly, over "hard money".

Hope this helps!

Hello, Kaitlyn! 

There are private money lenders that lend hard money, being your 3rd option. I work for a private lender that lends hard money. The positives about using a hard money/private lender is that we do not require the same documents that a public bank and/or mortgage company does. We do not need proof of income, tax returns, etc. 

Now, with private money lenders we typically do need to see some "skin in the game". Meaning you have to be able to come forward with some sort of down payment. I have seen some lenders lend up to as much as 95%. Us, personally, we need to see 85% at max and that is dependent on experience and FICO score. With having a lower FICO and no experience I have seen new investors start with house hacking with an FHA...low down payment, FICO can be as low as 580, etc. You can even start with that on a multifamily and get you some rental income while you live there. Just a thought.

Hope this helps! 

I've been finding a lot of deals in Facebook "off market" groups.