Nonrecourse on Hard Money Loan?

[Asim Alam]

So I’m shopping around for hard money lenders, and notice that most are recourse loans. I’m hoping to find financing with these terms:

▪ 90% of purchase price
▪ 100% of rehab budget
▪ Interest only payments
▪ Points rolled into principal?

Am I searching for a mythical unicorn? Or is it possible to get a non-recourse loan with these terms?

[Ann Bellamy]

Non-recourse funders, the few that are out there, are not offering anything close to 90% of purchase and 100% of rehab.  They'd be more likely to offer 50%.  

The person you are seeking is someone who doesn't know what can happen if things go wrong.  Do you really want to be the person taking advantage of that person's lack of knowledge?  And if you think you're not taking advantage, perhaps you haven't seen what can go wrong either.  

Other than that, I'd go with the unicorn once you find one.