Demand, driven by an abundance of money (investors with cash to invest somewhere after pulling it out of the stock market, people who wanted to be homeowners and were now able to borrow thanks to looser lending guidelines and low interest rates) went up quickly.

Makes your appraisal come out low when you're trying to borrow money.

He has a decent sized LOC set up so that he can borrow the money when he needs to do so.When he wants to go to an auction at 10:00 he picks up cash in the form of cashier's checks. $200K to $300K depending on what he is after.If it works out that he can not buy at a price he likes the bank takes the cashier's checks back without charging him for the use of the money.

They allow a non-occupant co-borrower.

I'm looking to open this company and borrow under the company's name.

I'm looking to open this company and borrow under the company's name.

It will be in foreclosure in most cases as most investors find properties after the Notice Of Default (or other legal notices) have been filed.More or less the period after the borrower has started having problems with the payments but during the period when the loan can be re-instated.Not the most precise definition but close enough to how most people use it.

I'm a Banker in Northern NJ and I have a borrower who needs some short term funding...

The LLC might own the property but the borrower on the loan remains the person who signed for the loan.

Many deals will never work for hard money but you would be surprised.In the past when I funded deals with hard money (as the lender) I found it very funny that borrowers wanted to split the profit rather than pay hard money rates.