All Forum Posts by: Account Closed

@Victoria J. I would speak to other investor and ask for referrals also call and just get an idea of what the fees are and do a little research and ask tons of questions. I work with a hard money lender (Not a broker) and I get tons of phone calls where people are just asking tons of questions and figuring out who will work with them and their needs. Good Luck. 

@Juan Espinoza Most Hard Money Lenders will lend 75-85% of cost and you will need to have proof of funds that you can cover the rest of the amount.  There are hard money lenders out there that lend 100% but there a lot of fees and points involved. So make sure you do your homework and find something that best suits your needs.

@Tanya Rooney  Some Hard Money Lenders require you to put at least 25% down and the ones that do 100% will have a lot of fees involved and points. So do your research on what's the best case scenario and what works best for you. Good Luck!

@Igor Rabinovich I agree with @Chris Seveney when they do the background and run your credit they will see the judgements why not pay them off. Or be upfront you might find a HL who will be ok with those if you have a plan to settle or bring everything to good standing. 

Hello @Ben M. Most hard money lenders require an LLC. The benefits for you are that you have limited risk if something happens to the property it's less risk for you personally they go after the LLC unless the problem was your negligence and then they can go after you. I'm not a lawyer don't quote me on those but I think its more beneficial to you and the lender. The downside for you is perhaps some things will be more expensive like insurance is a little higher but again nothing astronomical. As per the refinancing we have had many borrowers refinance out of our loans and into a regular loan with no problems. Good Luck!

The only upfront fee Accolend aka Asset & Lending and Loans have is the $150 credit check and your appraisal which you pay directly to the appraiser. No application Fee. 

We prefer to have our clients close under an LLC.

@Mido Ali You can search the directory here on Bigger Pockets and search by state. Good Luck!

Welcome @Nadeen Roberts for Hard Money lenders you need to pay for Appraisal, some of them require 25% down and they only loan 75% of purchase price. So I think work out your numbers and see what the best option is for you. 

Hi @David Glanville Welcome!