Hard money folks out there??????

Question

I'm going to put some money into action for hard money loans on foreclosure or rehab investors in Texas etc. I'm thinking 6 month loans with 2-3 pts and 14-16% interest. Will I have takers for this based on your experiences? I want to do a lot of small ones, no big commercial deals, at least at first. Thanks. Rich.

Account Closed · Answer

Hi, Rich,
I'm interested in getting into harad money lending, too, and  wouldalso  like to know more about your guidelines as well.
I'm just learning about it, at the very beginning stages. I know nothing, including what hard money is, what hard money lending is.

I will be sending you a colleague request in a few minutes. 
Thanks,
Ofgift

Rich Weese · Answer

Jason, The Viper is actually up for sale currently. It is a STUPID car for this area of Texas. Few nice exotic cars, and NO interstates within a couple hours. If interested, it is in current issue of Dupont Registry on page 44 and on their website. So, no free 1 day rental...

Jason Trepins · Answer

sounds like reasonable terms..
are you funding purchase price only? 
purchase price and rehab costs?
only a percentage of both?

i'd say throw in a free rental of the viper for a day and u'll get takers

M S · Answer

Hi Rich,

I would like to know more about your guidelines as well. I just sent you a colleague request. Thanks in advance

Rich Weese · Answer

Ben,
     I think you're now a colleague. I'll be getting geared up for the HMLs later this month. Starting in TX .

Ben Carmona · Answer

Hi Rich,

Can you pass along your guidelines.  I'll send a colleague request.

Thanks

Rich Weese · Answer

Thank you to Larry and Jon. I thought the rate and terms would be right in there. Rich.

Larry Seith · Answer

Hi Rich,
(good name for a hard money lender, by the way!)  I've been researching hard money lenders and the terms you suggest are right around the average for every other company I've looked at. Therefore, I don't see why you would have any trouble finding takers on your deal.

Jon Holdman · Answer

I would think you would get takers with those terms.  You may want to use a nine month term, as its more and more difficult to get a refi completed in six months.  I've been doing six, too, but the most recent one was stretched out to nine.