6,392,879
Several of my early investments were made possible by hard money lenders. Important to have folks out there that can provide capital when needed.
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John Juarez
Fremont, CA
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Eileen Burns 954.483.3912
Fort Lauderdale, FL
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Ann Bellamy
Tyngsboro, MA
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Nina Hollander, Broker
Charlotte, NC
-
Margaret Rome Baltimor...
Pikesville, MD
-
Fred Griffin Florida R...
Tallahassee, FL
-
Carol Williams
Wenatchee, WA
-
Doug Dawes
Topsfield, MA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Carla Freund
Raleigh, NC
-
Brian England
Gilbert, AZ
-
Bob Crane
Stevens Point, WI
2,684,009
Hi, Ann.
When, and why, would a Borrower seek out hard money? What are some examples?
Hard money, private money, in-house, portfolio... are these names synonymous?
Is this a "temporary" loan, until Borrower can get a conventional or traditional mortgage?
What is the advantage, or disadvantage, of hard money?
The required credit-worthiness of an applicant, including FICO or other credit score.
LTV?
What is a common term (length) of a hard money loan? What about a Balloon?
What will you, the hard money lender, loan money for? Residential? Commercial? Is there anything that is off the table?
Paperwork... how does it compare to a conventional loan?
Are you, the Lender, keeping this loan, or will you be selling the paper on the Secondary market?
The interest rate: how many points over "prevailing rate"? What about origination fees, other costs charged for getting this loan?
What about appraisal?
Where does a borrower start looking for portfolio money? Their local bank? The internet? The big banks? Someone/somewhere else?
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Richie Alan Naggar
Riverside, CA
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John Juarez
Fremont, CA
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Nina Hollander, Broker
Charlotte, NC
-
Ann Bellamy
Tyngsboro, MA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Brian L. Sirota, Esq.
Orange, CA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Margaret Rome Baltimor...
Pikesville, MD
-
Kathleen Daniels, Prob...
San Jose, CA
-
Joan Cox
Denver, CO
-
Carol Williams
Wenatchee, WA
900,008
Discuss ways to pay down those loans, or how to get out of them.
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John Juarez
Fremont, CA
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Nina Hollander, Broker
Charlotte, NC
-
Ann Bellamy
Tyngsboro, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Kathleen Daniels, Prob...
San Jose, CA
-
Carol Williams
Wenatchee, WA
-
Doug Dawes
Topsfield, MA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Carla Freund
Raleigh, NC
-
Eileen Burns 954.483.3912
Fort Lauderdale, FL
2,178,433
Is your hard money lending limited to NH and MA? If not, do you have a network of peers who do hard money lending in other states?
What kinds of properties does hard money lending NOT work for.
How is the approval process for a hard money loan different from getting a conventional loan?
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John Juarez
Fremont, CA
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Nina Hollander, Broker
Charlotte, NC
-
Ann Bellamy
Tyngsboro, MA
-
Brian L. Sirota, Esq.
Orange, CA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Margaret Rome Baltimor...
Pikesville, MD
-
Fred Griffin Florida R...
Tallahassee, FL
-
Kathleen Daniels, Prob...
San Jose, CA
-
Joan Cox
Denver, CO
289,507
what can you use hard money lending for and what cant you use it for...start off with the basic's
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John Juarez
Fremont, CA
-
Ann Bellamy
Tyngsboro, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Margaret Rome Baltimor...
Pikesville, MD
-
Carol Williams
Wenatchee, WA
-
Doug Dawes
Topsfield, MA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Carla Freund
Raleigh, NC
-
Lyn Sims
Schaumburg, IL
-
Eileen Burns 954.483.3912
Fort Lauderdale, FL
5,215,388
Like Peter Mohylsky. Broker -BRIX REALTY', thik you should start with the basice concept of hard money lending and its parameters. Good luck!
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John Juarez
Fremont, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Ann Bellamy
Tyngsboro, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Kathleen Daniels, Prob...
San Jose, CA
-
Carol Williams
Wenatchee, WA
-
Doug Dawes
Topsfield, MA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Carla Freund
Raleigh, NC
-
Brian England
Gilbert, AZ
1,196,912
My thoughts are that most folks don’t understand hard money lending at a basic level
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John Juarez
Fremont, CA
-
Ann Bellamy
Tyngsboro, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Fred Griffin Florida R...
Tallahassee, FL
-
Carol Williams
Wenatchee, WA
-
Doug Dawes
Topsfield, MA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Lyn Sims
Schaumburg, IL
-
Brian England
Gilbert, AZ
-
Peter Mohylsky, Beach ...
Miramar Beach, FL
1,196,588
Discuss what hard money ending is and why the costs appear to be so high
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John Juarez
Fremont, CA
-
Ann Bellamy
Tyngsboro, MA
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Nina Hollander, Broker
Charlotte, NC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Margaret Rome Baltimor...
Pikesville, MD
-
Kathleen Daniels, Prob...
San Jose, CA
-
Carol Williams
Wenatchee, WA
-
Joan Cox
Denver, CO
3,344,906
I would just go with the basics ... the A to Z of hard money lending. Be sure to cover the Co$t, benefits, disadvantages - everything we want to know but are afraid to ask.
Also tagging Eileen Burns and Debe Maxwell, CRS here to see if you would like to talk about hard money loans on one of the Weekly Zoom meetings.
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John Juarez
Fremont, CA
-
Nancy Frimann
Gilroy, CA
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Nina Hollander, Broker
Charlotte, NC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Margaret Rome Baltimor...
Pikesville, MD
-
Fred Griffin Florida R...
Tallahassee, FL
-
Kathleen Daniels, Prob...
San Jose, CA
2,781,013
Hard money is for people who have a clear, precise plan to get from point A to a point B and they need immediate, expensive funds to do so. The word "hard" needs to be explained. Also, the risk involved needs to be weighed as hard money lenders will foreclose in a heartbeat if it meets their business model. For the inexperienced or desperate? Stay-away here
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John Juarez
Fremont, CA
-
Ann Bellamy
Tyngsboro, MA
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Margaret Rome Baltimor...
Pikesville, MD
-
Fred Griffin Florida R...
Tallahassee, FL
-
Hella M. Rothwell, Bro...
Carmel by the Sea, CA
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Carol Williams
Wenatchee, WA
-
Doug Dawes
Topsfield, MA
3,125,255
Please follow up with a blog post on the results of your podcast. It could very very informative Ann. Thank you!
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John Juarez
Fremont, CA
-
Ann Bellamy
Tyngsboro, MA
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Nina Hollander, Broker
Charlotte, NC
-
Margaret Rome Baltimor...
Pikesville, MD
-
Kathleen Daniels, Prob...
San Jose, CA
-
Carol Williams
Wenatchee, WA
-
Doug Dawes
Topsfield, MA
901,187
Who would be a candidate for hard money.
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John Juarez
Fremont, CA
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Nina Hollander, Broker
Charlotte, NC
-
Margaret Rome Baltimor...
Pikesville, MD
-
Kathleen Daniels, Prob...
San Jose, CA
-
Carol Williams
Wenatchee, WA
-
Doug Dawes
Topsfield, MA
-
Wanda Kubat-Nerdin - W...
St. George, UT
1,844,171
Gee, I'm not sure what I don't know. Can't tell if this is a commercial.
Where to go to a reputable person if the need arises would be #1.
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John Juarez
Fremont, CA
-
Ann Bellamy
Tyngsboro, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Margaret Rome Baltimor...
Pikesville, MD
-
Fred Griffin Florida R...
Tallahassee, FL
-
Carol Williams
Wenatchee, WA
-
Doug Dawes
Topsfield, MA
-
Wanda Kubat-Nerdin - W...
St. George, UT
4,691,993
I can't think of any questions, but I think it is admirable that you help people learn when it makes sense to use and when it does not.
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John Juarez
Fremont, CA
-
Ann Bellamy
Tyngsboro, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Kathleen Daniels, Prob...
San Jose, CA
-
Carol Williams
Wenatchee, WA
-
Doug Dawes
Topsfield, MA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Joan Cox
Denver, CO
1,076,531
How to wade through all the nonsense in the hard money space - from posterboard advertisements on the side of the road to random email solicitations from everyone in the space, I've found it difficult to find professional outlets or differentiate the good from the slimy, so I've avoided the space altogether.
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John Juarez
Fremont, CA
-
Carol Williams
Wenatchee, WA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Fred Griffin Florida R...
Tallahassee, FL
-
Ann Bellamy
Tyngsboro, MA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Anna "Banana" Kruchten
Phoenix, AZ
5,104,806
The problem with asking what we have questions about, is that we don't necessarily know what we don't know... so it's hard to know what questions to ask.
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John Juarez
Fremont, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Ann Bellamy
Tyngsboro, MA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Joan Cox
Denver, CO
1,052,056
Fred Griffin Florida Real Estate didn't miss a spot!
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John Juarez
Fremont, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Ann Bellamy
Tyngsboro, MA
-
Lyn Sims
Schaumburg, IL
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Anna "Banana" Kruchten
Phoenix, AZ
247,746
I have used hard money loans for short-term (guaranteed exit strategy in place) real estate investment only, and I have never heard of a hard money long-term mortgage loan. ????
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John Juarez
Fremont, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Ann Bellamy
Tyngsboro, MA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Anna "Banana" Kruchten
Phoenix, AZ
3,854,786
Ann Bellamy Thanks for taking my call this morning. And I did send you an email. It looks like there are lots of questions from this group.
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John Juarez
Fremont, CA
-
Ann Bellamy
Tyngsboro, MA
-
Anna "Banana" Kruchten
Phoenix, AZ
-
Nina Hollander, Broker
Charlotte, NC
-
Joan Cox
Denver, CO
-
Wanda Kubat-Nerdin - W...
St. George, UT
5,868,372
Although I have had listings where the buyers had hard money, that is about all I know. It was nice not to have an appraisal.
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John Juarez
Fremont, CA
-
Ann Bellamy
Tyngsboro, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Margaret Rome Baltimor...
Pikesville, MD
-
Carol Williams
Wenatchee, WA
-
Doug Dawes
Topsfield, MA
1,555,743
I think a handy topic these days would be what kind of bridge loans do you offer.
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John Juarez
Fremont, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Ann Bellamy
Tyngsboro, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Nancy Frimann
Gilroy, CA
3,587,835
Fred Griffin Florida Real Estate took the words right out of my mouth!
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John Juarez
Fremont, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Fred Griffin Florida R...
Tallahassee, FL
-
Ann Bellamy
Tyngsboro, MA
417,071
Explain: States you lend in, minimum loan amount, FICO requirement, property condition, ARV?, LTV, number of units, how many days to close, typical points, rates, type of appraisal you require, STR?, how long a term, what exit strategies you accept, how to contact you
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John Juarez
Fremont, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Fred Griffin Florida R...
Tallahassee, FL
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Kathleen Daniels, Prob...
San Jose, CA
1,310,972
I hear frequent adds on a local radio station from a hard money lender. Good adds for those who understand that business and need that kind of financing. They specifically say they will not lend on owner occupied homes.
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Ann Bellamy
Tyngsboro, MA
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Aura Alex
Seattle, WA
-
Joan Cox
Denver, CO
763,783
You might want to share our experience with using a Hard Money Loan. We paid 3 points plus closing costs in 2014. We inherited a home and couldn't qualify for a conventional loan. There was a Reverse Mortgage on the home. The Loan was Reverse Mortgage was for $200,000. The value of the home was $480,000. We would have sold and made $265,000. Our equity today is about $800,000.
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John Juarez
Fremont, CA
-
Ann Bellamy
Tyngsboro, MA
-
Margaret Rome Baltimor...
Pikesville, MD
52,868
Here is the link to the podcast, for those interested. I will also be answering questions on today's 2PM podcast here on AR.
https://www.facebook.com/watch/?v=1597673183940431