Hard money loan during bankruptcy lull...

[Katie Hock]

I am currently in my 2 year waiting period before I can take out a conventional loan to buy my first rental property. October 2020 is go time! In the meantime I am rebuilding my credit and saving my pennies to have a down payment ready to go. Is there a way to get a hard money loan that lasts two years? I am a regular listener on biggerpockets and my ears always perk up when I hear people going from 0 to 100. As far as I can tell or have seen to date, hard money loans seem to average 6 months to 1 year. Is it possible to get one for two years? If not, what would be my other options to get started sooner? TIA!!

[Saravanan Saravanan]

@Katie Hock Based on the nature of the request; we have provided loan for 3 years or even 5 years.  When we know the investor who is using the funds are purely for rental purposes; these options are available.  In these situations; we have to verify landlord rental certificate for the city and lease agreement etc.