Hard Money Lenders

[Robert McDonald]

Hi everyone

im looking for hard money lenders looking to work with a new investor. I'm starting out in wholesaling and need funds to approach potential sellers 

[Ko Kashiwagi]

What kind of deals are you looking at?

[Brandon Croucier]

Hi Robert, 

When it comes to hard money there are a variety of uses...
When you mention wholesaling, are you planning on actually closing on the property or simply assigning the contract? If assigning the contract you wouldn't need any funding.. What you are looking for may be considered gator funding, where an investor lends you money for EMD and typically expects a return on the deal itself.

[Noah Corwick]

Hi Robert, 

If you wholesale properly, you don't need to come out of pocket at all. You would assign the contract and have whoever the Buyer is pay all of that. 

[Chris Seveney]

Quote from @Noah Corwick:

Hi Robert, 

If you wholesale properly, you don't need to come out of pocket at all. You would assign the contract and have whoever the Buyer is pay all of that. 

 I think he is referring to Earnest Money Deposit to get it under contract. 

[Robert McDonald]

Quote from @Chris Seveney:

Quote from @Noah Corwick:

Hi Robert, 

If you wholesale properly, you don't need to come out of pocket at all. You would assign the contract and have whoever the Buyer is pay all of that. 

 I think he is referring to Earnest Money Deposit to get it under contract. 

 Exactly 

[Chris Seveney]

Quote from @Robert McDonald:

Quote from @Chris Seveney:

Quote from @Noah Corwick:

Hi Robert, 

If you wholesale properly, you don't need to come out of pocket at all. You would assign the contract and have whoever the Buyer is pay all of that. 

 I think he is referring to Earnest Money Deposit to get it under contract. 

 Exactly 

Typically EMD is like $3-$5k. I would focus on saving the money for an EMD before doing anything in real estate.

[Noah Corwick]

Quote from @Chris Seveney:

Quote from @Robert McDonald:

Quote from @Chris Seveney:

Quote from @Noah Corwick:

Hi Robert, 

If you wholesale properly, you don't need to come out of pocket at all. You would assign the contract and have whoever the Buyer is pay all of that. 

 I think he is referring to Earnest Money Deposit to get it under contract. 

 Exactly 

Typically EMD is like $3-$5k. I would focus on saving the money for an EMD before doing anything in real estate.

Sound advise. 

The rule of thumb is EMD is typically 1% of the purchase contract price.

[Ryan Davies]

Most work like this 

• Rates: 9% to 13% (Most Deals are 11-12%)
• Terms: up to 36 Months (Most Deals are 6-12 months)
• Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))
• Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)
• Max Loan: 65%-70% of After Repair Value(ARV)
• 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)
• Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)
• NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.