Updated almost 11 years ago on . Most recent reply
Finding a Good Hard money Lender that Lends 100%of the project and on the project only
As a new investor I have looked many places in an effort to find a good solid hard money lender that will lend 100% of the project, solely based on the project, that can close quickly. Do you guys have any suggestions?
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They may be out there, but they won't be easy to find...
Between "new investor," "100% of the project" and "based solely on the project," a lender is likely going to find you to be a very high risk (nothing personal, just the facts you've presented). And lenders only take high risks when they're appropriately compensated, which means you'd end up paying VERY high rates for such a loan.
The problem there is that at very high rates, loans like that can make even a better-than-average deal a money loser...as you'll pay a lot in monthly interest and other fees -- which reduces the quality of the deal.
My suggestion would be to fix one of the three areas you mentioned above -- get some experience, get some cash and/or build up your credit/income.