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Updated about 5 years ago,
Foreclosure - Hard Money Lender Proposals
Hello, I am new to the real estate world and would like advice on how to approach hard money lenders for a loan to redeem a property in the foreclosure process.
1 year ago we purchased a property through contract for deed including 5 acres, a residential home, and a separate building that houses our business. We have been operating since February 1st of 2019 and turning a profit. However, about 6 months into the contract for deed our sellers stopped paying the mortgage and we received a foreclosure notice. The house has sold on sherrif's sale and we are in the position of needing lending in order to redeem the property. The bank holding the certificate of sale is willing to sell their share if we can secure funding. Our attorneys recommended hard money lending due to the time frame and because thus far, we have been unable to secure traditional lending.
I am wondering if anyone has advice on how to approach lenders regarding the matter. I have never written a financial proposal letter and so I am not sure what to include in the request. Also, is it better to call or write?
Thank you in advance.