All Forum Posts by: George Taylor

@Ean McNaney From a HML point of view... We do not lend in MD so this isn't a solicitation for business. With that being said.. on our end we wouldn't need any bank statements or tax returns and it really doesn't matter what your credit looks like. Yes it will be at a higher rate but once you develop a good relationship with a HML the rates will go down. Another plus is that there is no prepayment penalty and the loans are typically interest only with the origination points wrapped into it. Most of our clients who refi just send us the paperwork, they pay for a BPO, and then pick up their check at closing. Hope this helps give some insight..

@Octavio Garcia We don't lend in Delaware but I can tell you a lot of lenders out there require a 6 month seasoning period but there are those of us who do not. Hard money lenders will normally work with anyone if you have enough of a down payment. Our requirements are between 10-25% or higher depending on the risk our company has to take and the LTV you are looking for. Appraisals are normally lender specific but if you aren't planning on doing any rehab then a BPO should work and the costs are normal between $500 for the full appraisal and $200 for just the BPO. I would suggest finding a local HML and talking with them about their process and obtaining a proof of funds letter so you can bid on properties you like. Most legit HML's don't charge for that and you need to be very wary of any of those that require upfront fees besides an appraisal/BPO and/or a credit check.

Hope this help you out some..

@Shannon W. I'm surprised to hear that. If it's in a rural area you can look into a USDA loan or just approach a HML about a new construction loan where they include the lot cost in there as well. That's about all I can really think of from my experience to suggest. Wished I could be of more help.

@Ryan Klemetson Dawn is right, plus that is such a great market you will find no shortage of good contractors. I know of a busy wholesaler that works in the Raleigh and surrounding areas if you want that contact. 

@Shannon W. The local banks are a good idea and you can check out Clayton Bank.

Hello @Scott Ma , what type of deal is it that you help with?

We have absolutely no seasoning on cash-out refi's BUT we do not lend on those in Colorado, unfortunately. We are out there, just have to check around.

I suggest, even when you find one that you're interested in then talk to a lender. Don't wait until the last minute with that. The lender will let you know what all is needed and be able to help you through the process. Most of us are very easy to talk with about your scenario. We don't lend on those in MD or else I would be able to help you.

If it was just done then they would consider it. If any time has passed then they would probably want you to obtain another one. All depends....

Wow.. I messed that whole post up. Haaa.. Sorry. I meant a park with 19 lots and no home, meant to say blank canvas. I've only came across one guy who wanted that type of deal. Most of the others want a park with tenant owned homes.