Loan Questions

[Jamie Dzierwa]

For anyone who has applied for a loan through their entity. I'm a new company and soon will be looking for a loan. What qualifications do banks/lenders look for? What is a typcial amount to ask for or receive? I plan on doing rebabs, typical houses in my area go from 100k-300k. How does a hard-money lender work? Is each one different in sense of interest and timeline of payback? Any help is appreciated.

[Rich Weese]

Jamie, I'm sorry to say this, but the characteristics a lender wants to see, you don't have many. Here are the problems
1. It is an entity
2. Neither you nor the entity appear to have much experience
3. Neither you nor the entity seem to have much in the way of assets to collateralize the loan

It appears you want a lender(bank) to loan you the money to buy the property and then an HML to loan you the money to rehab. Is that the thought? I think you'll have a tough time with either of these loans unless you bring something more to the table. Rich in TX.