I’m looking for a true hard money lender that will lend solely on the properties equity. Can someone refer me?
Jul 23, 2009
in
Hard Money Loans
I work for my self and need a hard money loan with minimal hassle. I have found two very good deals and am ready to make an offer on one house or the other. I keep hearing about hard money lenders who will 100% finance, but, I cannot find one. Is this a fantasy or do hard money lenders of this type actually exist?
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3 comments
Gwynn T on July 23, 2009 at 12:15 am
I work for a bank that does purchace deals with self employed borrowers. What you want is called a stated program. The two key factors of the loan is credit and property value.
You can’t go 100%, but you can go 90%.
It is going to be almost impossible to find a 100% stated program out there any more because of the economy. 50 lenders went out of business of went bankrupt earlier this year, so guideline got pretty stiff.
There is another program available called bank statement program or reduced doc.
There are 18 different points that determin what the loan program and rate will be. Email me directly and I can go over options with you and tell you what we have.
Miss V on July 23, 2009 at 12:15 am
Hard money lenders I’ve found may do 60 to 70% but not 100% based on the equity.
too l on July 23, 2009 at 12:15 am
I not sure about 100% most of them lend up to 70%