Hard Moeny Lenders (More details)

[Greg P.]

Hello,

I am looking for some assistance. I am currently in talks with a friend who is looking to set up a partnership to start renting out properties in our local area.

We are unsure of how hard money lenders work. We very little capital to start up, but were looking to purchase a unit around $40 -$50k.

Can we do a combination of hard money lending with a traditional loan? Or will traditional lenders shy away from this type of engagement?

If we do go through a hard money lender, what kind of documentation would be required? In the event of inability to pay the HML back in the allotted time frame, is the only property that can be seize, the newly purchased property?

Are there any resources that can be helpful in providing guidance on this issue that one could recommend?

Thanks,

Greg