Hard Money Loans

HiJack · #1 (**permalink**) 12-10-2006, 12:05 PM

Hello all, I would like to know what kind of resources some of you investors use in acquiring hard money

loans. I have a couple individuals in mind which I have not contacted yet. My purpose in acquiring hard

money loans is to put downpayments on investment property. Also, to cover loan costs and to have

contingency money available for things like covering expenses in case of vacancies or negative cashflow,

etc.

Greg · #2 (**permalink**) 12-11-2006, 10:23 AM

So are you saying that you are trying to use a Hard Money loan to refinance an investment property?

Then use the money to put down on more properties?

What do you know about Hard Money loans? Did you know the rates are usually double what you could get on a conventional loan? Also that the fees are 4-7%

brendo927 · #3 (**permalink**) 12-11-2006, 10:24 AM

Eastern Saving Bank does hard money. Rates are at least 11-14% and fees are higher.

brendo927 · #4 (**permalink**) 12-11-2006, 10:24 AM

But they don't care about mortgage history, just low loan to value and low debt to income ratio.

brendo927 · #5 (**permalink**) 12-11-2006, 10:27 AM

Saved a house or two in my day

.