Hard money lenders that don't require you to have assets?

[Jocelyn Evans]

I have spoken to a couple of HML that want you to have money in the bank. Are there any out there that lend solely on the property's ARV? A HML that is good for newbies? If so please pass on the info. If you are one please send me a message with your info. and requirements. 

Jocelyn

[John Thedford]

@Jocelyn Evans

Raising money is always the first issue that confronts investors. I would suggest looking for owner financed properties. Just because something is not advertised as such, you can make offers asking for owner finance. Also consider taking in a JV partner. Ask friends and family if they would be willing to help fund a deal. Just be careful with people advertising they are lenders. Some are honest, and others are not. There are lots of reputable lenders but remember---they want something from you...skin in the game. Without that, borrowers that made bad decisions will just walk. I did a loan to a man maybe 3 years back that made a horrible investment. Were it not for his collateral (a condo that was free and clear) he more than likely would have walked away. He lost maybe 50K before he was able to unload the property! This is exactly why lenders require skin in the game.

p.s.--don't give up. Keep working at finding money and eventually you will find it.