Posted by Jim Kennedy - Houston, TX on July 18, 2002 at 07:07:20:
Since most hard money lenders tend to be local or regional in nature, it might be easier to locate three hard money lenders - one for each of the states within which you do business.
I’ve sent you two lists via e-mail. One is a list of lenders who indicate that they make loans nationwide and the other is a list of lenders in Texas.
As you may know, there are very few “true” hard money lenders left in the traditional sense of the definition of the concept. Today most hard money lenders are what I think of as “quasi” hard money lenders, for want of a better moniker. By this I mean that a “quasi” hard money lender will probably pay some attention to your credit.
Some of the lenders may pull your credit just to insure that you’ve not had a bunch of foreclosures. Those will still ignore your scores; they just want to know to whom they’re making loans. Others will give some weight to your scores, but the LTV will still be their PRIMARY consideration. And still others will treat your credit like lenders who make sub-prime loans. The main differentiating characteristic being that all of these “quasi” hard money lenders will make loans secured by properties that other lenders will not consider, such as junkers properties that need rehab.
Hope this helps.
Best of Success!!