Posted by Peter Dorey on May 31, 2011 at 14:53:30:
Hi Davis
ID like to introduce myself, my Name is Peter Dorey , I¡¦m from Calgary Canada. I¡¦m a real estate investor and I¡¦m looking for some information regarding Hard money lending. I¡¦m interested in you¡¦re your fee structure, rates, terms, and how fast it takes to receive the cash, act. The funds will be used for real estate. My cell is 403 831 2711 and my email address is peter.dorey@silverstonecanada.com
Hard Money Lender In Canada- Calgary, AB. - Posted by Sylvia
Posted by Sylvia on June 14, 2010 at 19:45:33:
Alright, so this is my first post here, but I was told this was the know all place for real estate so I figured who better to help LOL.
A quick background, I’m a young mom of 5 trying to get a healthy home for my family. The one we currently rent is being overgrown by black mould as the result of a landlord not fixing leaks and other such problems.
We pay an insane rent of $1850 a month and have done so for the last 3 years (we moved in here July 15th of 2007)
So here was my solution, or is hopefully my solution if someone can help find me a lender who can help me out.
I’m self employed, and being younger, have very little credit history. Therefore a traditional mortgage is pretty much out of the question for me (I’ve shopped around asking a million questions) so I am looking for a hard money lender.
We’ve already picked out a home, but we need to act fast because of the deal we are being given.
The home has an appraised value of $342,500 according to the most recent tax assessment. Two sons inheiereted the property, which had no mortgage, so they are willing to let it go to me as is for $249,500. They simply want to walk away from it.
What I need is a lender who will do a mortgage on the property, without needing a large downpayment (since there is so much equity already present in the property, and will be more once we do the minor cleanup and repairs that are needed) and needing me to have perfect credit (I have a 630 according to Transunion).
All I need is one that would be willing to do say a two year mortgage, at which time I will have built up my credit enough (I am doing credit counselling to increase my score as we speak), and gained even more equity in the property to be able to go with a traditional mortgage.
Please if anyone has any suggestions or can assist let me know.
Thank you in advance,
Sylvia
Re: Hard Money Lender In Canada- Calgary, AB. - Posted by Pohl Davidson
Posted by Pohl Davidson on August 02, 2010 at 10:41:03:
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Re: Hard Money Lender In Canada- Calgary, AB. - Posted by wpage
Posted by wpage on June 15, 2010 at 20:22:07:
Hi Sylvia First a word of caution with the poster (Davis Ryan) who says he can help you from the United Kingdom. He may be very legitimate but it is always better to deal locally.
Now for your dilemma. Do your sellers need to have all cash now or could they maybe hold the mortgage for you for 2 years while you fix your credit? How about a lease option for 2 years? Have you contacted some of the mortgage brokers in Calgary? Sometimes they know where to get the loan either through a private lender or through an insurance company, etc.
You should try to get an accepted offer signed by the sellers so that you lock in the deal before they change their mind. Ask for maybe 15-30 days to get the loan. This may or may not work but if you don’t ask you don’t get. Maybe you could find someone with good credit that could get the mortgage and buy the home in their name with a side agreement that you will buy them out in 2 years with a bonus at the end?Maybe you could take on a partner with good credit? You see where I’m going? There are many ways to make this work.
good luck wpage
Re: Hard Money Lender In Canada- Calgary, AB. - Posted by DAVIS RYAN
Posted by DAVIS RYAN on June 15, 2010 at 24:54:53:
GOOD DAY TO YOU,
My name is Davis Ryan from United Kingdom and also a knight. I give loan with affordable interest of 3% within 1-50yrs repayment duration period to any part of the world. I give loan from the range of $1,000 to $10 million. Note that any kind of loan you are looking for i can give to you. If you are interested please give us the following details:
Regards,
Davis Ryan
Email: davisloanagency@gmail.com
Tel: +447045752527
Pretty “thin”, eh? - Posted by John Merchant
Posted by John Merchant on June 14, 2010 at 20:18:11:
I’d just caution you to go slow on big payment promises until you are making bigger bucks.
See if your really motivated sellers would work out a graduated payment schedule for you so you could start with lower payments, then increase them after a year, etc. so you’re not paying all your earnings out and don’t have anything left for emergencies, etc.
Re: Hard Money Lender In Canada- Calgary, AB. - Posted by Peter Dorey
Posted by Peter Dorey on May 31, 2011 at 14:59:27:
Hi
ID like to introduce myself, my Name is Peter Dorey , I¡¦m from Calgary Canada. I¡¦m a real estate investor and I¡¦m looking for some information regarding Hard money lending. I¡¦m interested in you¡¦re your fee structure, rates, terms, and how fast it takes to receive the cash, act. The funds will be used for real estate. My cell is 403 831 2711 and my email address is peter.dorey@silverstonecanada.com