To find hard money lenders try you local real estate investors association. Also network with other investors.
But there are other techniques that work with no money / bad credit.
1) You can learn no money down strategies like Subject to the existing mortgage and owner financing.
2) Partner with people, you are the work guy someone else is the money guy.
3) Find private lenders, friends family and associates that would love to loan money at 8-12% instead of earning 2% in their bank account.
4) Wholesale your deals, find a great deal and sell it to someone else.
That’s a great rate for hard money! Are they national lenders?
Can you share the reference with us all. I haven’t been able to find
anything better than 3 pts at 12%.
Hi we found hard money lenders in many places,Our real Estate Broker, Our Mortgage broker gave us some contacts and also real Estate Attorney’s although you have to be careful witht the Attorney’s as they will sometimes “pad” the deal so that they make a profit making it less profitable for you. We were able to find “hard money” at 2 pts and 8.5% which actually ended up costing less than a convential mortgage with all the closing costs. Hope this helped
3 posts found
ncarey writes, Sep 9, 2008: (5 posts)
(Topic: Beginners or Bird Dog / ready to get started)
To find hard money lenders try you local real estate investors association. Also network with other investors.
But there are other techniques that work with no money / bad credit. 1) You can learn no money down strategies like Subject to the existing mortgage and owner financing. 2) Partner with people, you are the work guy someone else is the money guy. 3) Find private lenders, friends family and associates that would love to loan money at 8-12% instead of earning 2% in their bank account. 4) Wholesale your deals, find a great deal and sell it to someone else.
Good luck,
Ned Carey http://baltimorerealestateinvestingblog.com/
CallahanProperties writes, Jun 6, 2008: (1 post)
(Topic: Beginners or Bird Dog / ready to get started)
htlheinz,
That’s a great rate for hard money! Are they national lenders? Can you share the reference with us all. I haven’t been able to find anything better than 3 pts at 12%.
thanks for sharing.
htlheinz writes, May 11, 2008: (1 post)
(Topic: Beginners or Bird Dog / ready to get started)
Hi we found hard money lenders in many places,Our real Estate Broker, Our Mortgage broker gave us some contacts and also real Estate Attorney’s although you have to be careful witht the Attorney’s as they will sometimes “pad” the deal so that they make a profit making it less profitable for you. We were able to find “hard money” at 2 pts and 8.5% which actually ended up costing less than a convential mortgage with all the closing costs. Hope this helped