All Forum Posts by: Alex Correa

Dave Charlton try using the equity in the homes you do own as collateral for your down payment. We have borrowers do it all the time.

And to answer your question about fees. Most HML loans are interest only. So if it's 12% annually on $100k loan you are paying $12000 a year. $1000 a month. Unless the loan is amortizing it is strictly interest only and at the end of the term you still owe the 100k. Most hard money loans are interest only.

Dulce Beltran I would ask the seller if they are willing to accept second position on their 100k mortgage. If they are then have her sell property to you. Do a cash out refi for renovations and then have seller record her mortgage. Once renovation is complete you will be able to refinance into a conventional file. Assuming you qualify.

Dana Chiordi from my understanding they lost their credit line and have not been able to secure another one. Why their sites are still up is beyond me.

It is not required BUT that being said if you are going the institutional route for the higher LTV they underwrite their files. One of the things the underwriter looks for is owner occupancy concerns. To offset that they would want to see you own a primary and if you don't can they prove you aren't going to live there. Now if you are not going the institutional route then it doesn't matter as you can get most of those loans funded with a 1003 and ID. Hope that helps. Any questions feel free to ask.

It really depends on the HML. You would just need one who would allow a CLTV of 100%. The highest we've done is 90% CLTV.

@Jackson Long We are hard money lenders and for the most part do not ask for Tax returns on 99.9% of our files. Usually just a bank statement or two, ID and an application should suffice. However many of the big names you hear in the forums require tax returns. I guess it depends on who the lender is. As for the appraisal piece I agree with what russell stated. Most of my buyers we do either a bpo or appraisal unless its in my backyard and they are doing something like 50% LTV. In a state like WA where we are not familiar and the borrower is looking for 80% I would feel more confident in the deal knowing that someone who knows the area established value.

@David Manshoory Is that an issue you would be able to help with. I submitted a file with you guys and paid the processing/appraisal fee.  A few days later I was informed that you guys are no longer doing any fundings and my file would be cancelled and refunded. Here we are 2 months later and no refund. I keep getting the runa around. 

@Andrew Patocchi I completely disagree with what Richard said. I am a hard money lender myself and looking for 100% financing does not exist, I'm not saying the deal can't be done but what you need is a partner not a lender. GO to local REIAs and try to find someone with capital. 

@Account Closed Thanks for the response. My experience was horrible. I am still waiting for a refund.