Hard Money Lenders in MI - Posted by L.T (MI)

Posted by jeff on October 05, 2002 at 19:16:08:

hard money and rentals dont normally go hand in hand. hard money is great for rehabs and flippers, but by and hold is against the standard policy of hand money. they usually have balloons coming due in the next year or so. they also have unusually high interest rates which will raise your payment up to where the rent may not cover your expenses.

do the sellers HAVE to have the 10K up front? what are they gona do with it? yuo cant get that dropped off the table?

another thing with haerd money is that they like to be first lienholder. from your post it appears that your just wanting to borrow 10K from the lender, this puts them in second position behnid the original loan that you plan on taking over. your gonna have to find a beter way then hard money here i beleive.

will the seller take a promissory note with a balloon at a later date maybe, say, after you sell it? get rid of the 10K all together and you have it licked. did you try to squeeze this amount down to a few grand?

Hard Money Lenders in MI - Posted by L.T (MI)

Posted by L.T (MI) on October 05, 2002 at 18:55:23:

Hi all,

Do anyone know of any hard money lenders in the state of MI?
I found a peace of propery that would make a great rental. The owner of the property told me that the mortgage is assumable and he’s willing to let me take over the mortgage with 10K out-the-pocket. All suggestions and coments welcome.