Posted by Max-Va on October 13, 2007 at 15:20:43:
Tim, Get approved at a mortgage broker. Even rates of stated income are in the 8’s and it might cost you a point or 2.
A HML will cost you 5-8 points and 12-24% and be due in 6-12 months.
Spend the time and hassle
hard money lenders! - Posted by tim
Posted by tim on October 12, 2007 at 15:05:21:
I am working on my credit and in the next several months boosting my fico score. Mine will be in the 700 plus range. But I know hard money lenders look more at properties LTV.I was wondering if anyone has advice if they can give me some insight on all the red tape and loop holes I would have to go through. And how fast could I get a hard money loan. Is it possible to be pre approved by a hard money lender.
Primarily property value & LTV - Posted by John Merchant
Posted by John Merchant on October 13, 2007 at 07:52:38:
The HML lenders I know are primarily interested in the property and the issue of what’s its value to them if they have to take it.
But with a FICO of 700 or so, why would you need any HML?
I get lots of calls for HML deals, lots of them from high FICO score people and I tell them to go talk to some banks as those banks want to lend to them…and they don’t need me or my HM rates and terms.
Re: Primarily property value & LTV - Posted by tim
Posted by tim on October 13, 2007 at 09:56:08:
Hi, the reason I do not want to deal with a normal bank is being self employed it is hard to prove income. And I would have to apply for one of those no stated income loans which will make the interest rates higher.I do know that HML lenders interest rates will most likely be higher. I was under the impression that it was easier to get a loan from a HML lender for investment reasons than regular banks, but maybe I am wrong if you have any more suggestions please reply.By the way starting out these loans would be for small rehabs to sell quickly.And then move on to working with different banks for small commercial property purchases.