Hard Money Lenders

[JoeDC]

Is there often prepayment peneties when dealing with hardmoney lenders?

[tedjr]

Mine requires 4 months minimum interest payments. If you pay it off before they earn 4 months interest then that would be considered a penalty. If you can do that every time you will be loaning hard money out yourself after a few good deals.

[rmoran]

There may be a lot of folks like me out there...
I tried looking up "hard money lenders" in the phone
book but.....
could I get some info on how to contact such resources?


THX
Rich Moran

[Admin]

Rich,
Try here...

http://www.reiclub.com/hard-money-lenders.php

[tedjr]

Another source that just approved me is Streamline Funding here in Austin at 250-8575. Ask for Jaydon Newman

[dgpioneer]

You can also go to a major search engine and type "hardmoney"

[Jo se]

Call 250-8575, Streamline Funding. I have been using them for a year now and highly recommend their services. They have been very fair, fast and provided quality service. Oh! and they are local. You can actually talk with them in person.

When it comes to a draw request so that subs and materials can get paid, Jadon can fund within 24 hours.

A loan request package including project's particulars, earnest money contract, and credit report will probably get a borrower an answer the same day.

Jose  

Sorry, if I posted twice. I lost my first post.

[agkatz]

What does Streamline require, before lending on the property?  I.E., appraisal, inspection, etc...

Also... do you know if they lend all over the State, or only in Austin?

[tedjr]

Appraisal done by their appraiser. I believe they do other cities but not positive. I submitted a cost breakdown of the repairs and Jaydon came out to look at the property to go over the figures. Approved really fast.

[agkatz]

No survey, no inspector fees?

[tedjr]

Inspector fees were high about a grand for the 3 or 4 inspections. Survey question did not come up. I am sure they will want a 7 year or newer survey. I had to pay 4 months interest up front too but that may have just been me.

Ted Jr

[virtuouslady]

Hello,

Hard money lenders are all over the place, and you don't have to stay in your own state to get one.  I have met a few nice mortgage brokers on the internet.  Ask around to see who has had good service and try them out.  Good Luck!

[havecash]

Joe...Virtually ALWAYS prepayment penalties for hard money lenders.  Usually 3-6 months interest.  After all, they gave you the money thinking that you were going to use it for a minimum of 6 months...Usually 1 year.

 

[StacyKellams]

You need to develop your own personal private lenders and cut the hard money lenders out of your life as soon as possible.

With your own private lenders you won't have any pre-payment penalties or points and you'll be paying 8% to 10% interest only instead of 15% to 18%.

[havecash]

Where are you getting private money at 8% in May, 2004, in America?