yes you are correct but even you concede that points are charged up front when the loan closes. royal financial is a good example of this in Michigan. they charge apx17% rate and the up front charges or heavy. bringing the true apr to 24. something%
--- John B Corey Jr <[EMAIL PROTECTED]> wrote: > Maybe I am just missing something. > > I would say that the 4 people on the cc line have > not done there > homework when it comes to what was posted as the > original request and > what true hard money is. The person who gets it > partially correct if > CrM. The other three appear to not know that > traditional hard money > (no credit check at all, no up front fees and the > loan determined by > the value of the property) is out there and savvy > investors are > making good money landing deals with such funding. > > True hard money is not the right solution for a lot > of situations. > The LTV is lower than many would like (65% of the > as-is value for > some HML when there is no credit check). The costs > are what you would > expect from hard money (15% and 5 points appears to > be par these > days) and the funds are not available for owner > occupied properties. > It definitely is out there for good deals. > > Be a bit more gentle to the person who posted the > request as they > appear to know more about hard money than many of > the folks who have > responded so negatively. > > BTW - There was never a statement the loan would not > be lacking > collateral or that the fees would not be paid when > the loan closes. > > The only point that I think will be hard to find is > a HM loan for 24 > months if all the other factors remain as presented > below. The one > firm that I know that will go to 24 months wants to > see the credit > file so they get to understand the borrower better. > They do not use > the score they just want to know who they are > dealing with. When you > are at 12 months or less there are multiple lenders > out there who > will offer loans on the terms below. BTW - Many > times you can find > such a lender in your local investment club > meetings. I closed a loan > in Detroit just a few weeks ago on terms that fit > everything below > except it was for 12 months max. > > John Corey > Manager/Member > Chelsea Private Equity, LLC > +1 (503) 906 7840 x1108 > +1 (503) 210 0227 (efax) > > > > Begin forwarded message: > > > I'm looking for a real hard money lender. > > > > No credit checks > > No up front points > > No income verification > > No cross collateralizations > > > > With: > > > > Quick closings (2-3 weeks) > > Loans terms 12 to 24 months > > Loans from 20K to 500K > > Loan secured by the real estate > > > > I don't mind getting the property appraised. But, > the loan should be > > based on the value of the property. > > > > If this is something that you can provide, please > drop me a line. > > > > Thanks, > > > > ------------------------ Yahoo! Groups Sponsor --------------------~--> Make a difference. Find and fund world-changing projects at GlobalGiving. http://us.click.yahoo.com/jy2rEC/PbOLAA/cosFAA/iiEolB/TM --------------------------------------------------------------------~-> Apply for Commercial Real Estate loans online and submit your deal to dozens of hungry lenders in just minutes. Loan programs for all types of business and commercial real estate. Apply anytime at http://realestatezoo.com RealEstate Part of RealEstateZoo.Com ------------------------------------- Post message: [email protected] Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] List owner: [EMAIL PROTECTED] Web Site: http://groups.yahoo.com/group/RealEstate Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/RealEstate/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
