Posted by Mike on July 05, 2001 at 20:39:21:
If you are in MD, VA, or DC call Rob 410-385-1818
He lends up to 65% of the after rehab value.
Good Luck
Mike
Newbie-Financing Question-HELP - Posted by ReggieSan
Posted by ReggieSan on July 05, 2001 at 19:40:23:
I’ve called on a lot of Hard Money Lenders in my area and I have yet to find a lender who will lend on appraised value. Pretty much all of the ones I talked to will only loan on the amount offered. Usually 65%. If this is the case, I still have to find the other 35% either from my own funds or from a partner.
Why would it not be adventageous to go with conventional financing where I would only have to come up with 5% - 10% as opposed to 35% with hard money? Am I missing something here? I have a good FICO score. Low 700s. The only thing I can think of is if I go the conventional route is that I cannot make another offer on another house while still on escrow with another house. Or I can’t give multiple offers because I would only be pre-approved for a certain amount.
I am currently in the process of making offers at this time however, I must say that I’m loosing credibility with a couple of realtors I’m working with right now. Please help. I would appreciate any comments.