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Borrowing from Hard Money Lenders for Real estate Investments

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Mortgage Professional America | 11 Jul 2012, 11:30 AM Agree 0
Finding what appears to be an excellent opportunity for a real estate investment deal may mean that you cannot get the money quick enough from a local lender. You have limited time to make good on the deal but need a way to come up with the cash to complete the transaction. You may need to find a hard money lender to be able to get the money.
  • Paul Hemming | | 11 Jul 2012, 04:41 PM Agree 0
    It may be helpful to get somebody who knows what they are talking about before they write the article. This author uses the term private money and hard money lenders interchangeably. They are two different parties who will lend money to investors.

    I have been borrowing money for over two decades from hard money lenders and private investors and not one of them has ever pulled my credit. May be some of the large institutionalized hard money lenders would pull your credit but that would be an exception not the rule. Private investors probably do not have the means to pull your credit.

    Also many private investors will lend much higher than 65 percent. On my last investment property I borrowed 100 percent of the purchase and fix up money.
  • Steve Orr | | 13 Jul 2012, 05:02 PM Agree 0
    Sorry Paul but like most you don't understand Hard Money Loans versus Purchase Money mortgages. Bottom line any mortgage that is not a Purchase Loan is a Hard Money Loan. They may be individual or instituions, but if it is not a Purchase Loan it is a Hard Money Loan.
  • crystal | | 17 Aug 2012, 12:30 AM Agree 0
    Paul ,who do you get mortgages through that don't pull your credit? How do you find reputable people?
  • James Thomas | | 03 Nov 2012, 04:31 PM Agree 0
    Hi my name is james and would like to find out how to get in touch with the right hard money lenders
  • Daniel arthur | | 01 Feb 2013, 12:04 PM Agree 0
    I need 100 percent funding for my real estate deals have a deal on the table as we speak for 73,000 dollars
  • Charles L. | | 04 Mar 2013, 06:49 AM Agree 0
    Hard money mortgage can happen faster than Bank funding but there is a process and we do look at credit, income and appraisal.
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