Hard Money Loan Without LLC in Raleigh NC

[Mike McCarthy]

Hi everyone, I came to this website seeking some info. A quick summary of my situation: I have a property locally (the Raleigh NC area) that I'm interested in buying, and am looking to borrow $80K. The seller is anxious to sell, looking for a cash buyer, and doesn't want to wait for a conventional home equity loan. Because of time constraints due to the seller, I've looked into hard money loans. Now I own a rental in the area outright, valued somewhere around $120K, which would serve as equity to draw cash from. The problem is that the people who I've talked to about hard money say the loan can be done quickly, allowing a closing in 30 days, but they only lend to LLCs. My property is not under an LLC, and I don't have time to go through that process at the moment, because it adds another layer of complexity, but mostly because it will take up more time, and as mentioned, the seller wants to conclude a sale soon. Just can't do an LLC right now. So does anyone know of hard lenders who lend to individuals, and who would do it for a property in the Raleigh area?

[Adam Schneider]

@Mike McCarthy Forming an LLC is easy. If you are unable to navigate the paperwork for forming an LLC, you might want to re-think being an investor--seriously. Or, just pay an attorney a small amount of money to deal with forming the LLC. NOTE--before you go down this route, is the property you are looking at buying one that you'll reside in, or is it an investment (i.e. a flip)? The HML won't provide a loan for your residence. If the HML is not also a mortgage broker, the HML will require that the loan be for business purposes.