Are there any HML who fund the whole project ?

[Desmond Brinkley]

I’ve analyzed a few deals, and believe I may founded a good one, but afraid to make offer cause I don’t know where the funding is coming from. My credit is shot, temporarily, and no money saved so I would need some help to obtain property.

Thanks for any feedback or recommendations

[Kary Aycock]

Hi Desmond, 

I firmly believe that if you find a truly great deal, the money part should be easy. Finding the deal is the hard part. If you have a deal under contract at 50% of the value, you should not have any trouble financing it with a hard money lender, even if you don't have any cash to contribute. 100% loan to cost financing is possible and available, but finding a deal with enough equity (especially in competitive Austin) is not an easy task!

Most hard money lenders will decline if you have credit below 550 although there are sometimes exceptions even to that. You may want to find a co-borrower with better credit if your credit is that low. Yes, you can absolutely finance 100% of the investment - but only if you have enough equity - aka you must get a really, really good deal on the purchase. Hard money lenders will usually do 70-75% but if you need to finance the closing costs you need an even better deal than that, probably 50-60%. 

Real-deal hard money lenders will not charge you for anything except an appraisal fee unless you close a deal with them. Run away if they try to charge you for training materials or charge an underwriting fee before the loan closes.

Hope that helps! Good luck!