Posted by Bruce Lawson on July 18, 2002 at 13:47:16:
Hi Jill,
The lender you spoke with sounds to me like they are calling themselves hard money lenders when they are really “soft hard money lenders”. A true hard money lender will make a loan based on the value of the property and they are a bit harder to locate, no guarantee since the loan is based on the value. You will have to do a search around your area they are there, do not be bashful and ask questions.
Sincerely,
Bruce Lawson
Confused About HML, Please Respond - Posted by Jill
Posted by Jill on July 18, 2002 at 13:00:47:
I have contacted two hard money lenders and they both state that I need to personally guarantee a loan. I am not trying to hid any thing and I have excellent credit but I thought the purpose of a hard money loan was not to have to personally guarantee a loan and the house stands for the loan. If I have to guarantee a loan and I am assuming this goes on my credit report, I don’t see the difference than using a hard money lender and a bank. Thanks ahead of time for responding.