Providing up front cash for hard money

[Jonathan New]

I am working on first deal, so newb alert. I am looking at cheap houses (<$60k purchase) in the Hampton Roads area of VA. I have very little personal cash to put up. Would a HML care if I used a personal loan for the up front cash? My gut says that would not fly, but then again, HML don't seem bound to the same standards as conventional. The wealth of wisdom and diverse opinions that you all provide is much appreciated!

[Chris Mason]

Originally posted by @Jonathan New:

I am working on first deal, so newb alert. I am looking at cheap houses (<$60k purchase) in the Hampton Roads area of VA. I have very little personal cash to put up. Would a HML care if I used a personal loan for the up front cash? My gut says that would not fly, but then again, HML don't seem bound to the same standards as conventional. The wealth of wisdom and diverse opinions that you all provide is much appreciated!

You're right that HML aren't bound to uniform standards... that means each one is making up whatever they wish. Some might be OK with what you propose, others might not be. Only way to find out is to ask.