Obtaining hml - Posted by MikeS

Posted by Mikes on February 17, 2003 at 11:02:14:

Thanks G-man !

Obtaining hml - Posted by MikeS

Posted by MikeS on February 11, 2003 at 14:51:33:

What I’m really trying to find out is how I’m able to obtain a hard money loan for the duplex that I own. I had to stay in the unit for one year(FHA) and I’m still in one of the units. So, in order for me to obtain some kind of financing I would have to move ? I would like to do a little fixup and purchase another duplex.

Re: Obtaining hml - Posted by Bruce Lawson

Posted by Bruce Lawson on February 22, 2003 at 08:08:45:

Hi Mike,

I am not sure why you want a hard money loan to use for your repairs, unless you plan on selling the duplex. The money you get from a hard money lender will come due in 6-12 months and if you are using it for your primary residence that may cause you to not get the loan. Hard money lenders approve their loans based on the Fair Market Value of the home and the investors ability to repay the loan, if you plan on living there the lender will not see how you plan to repay the loan when due.


Bruce Lawson

Re: Obtaining hml - Posted by GMann

Posted by GMann on February 13, 2003 at 10:44:31:

If you have been in the unit for a year then you can call any mortgage broker and they will be able to help. That is as long as the loan to value is not too high and your credit is at least fair to decent.

Just look in your local yellow pages for a mortgage company that advirtises lots of programs and it looks like a professional ad.

Re: Obtaining hml - Posted by MikeS

Posted by MikeS on April 18, 2003 at 11:51:45:

Hello again Bruce. I pulled up info about obtaining financing again, I wanted to back track a little. So, if I wanted to obtain a loan from a hml, for the purpose of doing a little rehab and reselling, I should have no problem if I go about it that way ? I’m ready to move on and I see this as being a way to be able to get back into purchasing more properties. This was my intention when I got the property but was told I had to stay in it for one year,(FHA Loan), I’m ready to move on to the next purchase.