Posted by Ed Garcia on November 07, 2000 at 21:55:40:
Pat,
There is nothing wrong in asking the questions you have asked. However I would like to recommend for you to visit our How-To Articles. When you get there, check out " A Glossary Of Common Terms Used In Loans And Lending" written by Ed Wachman.
There you will find a good definition of “Hard Money”. While there, you can find other terms that you’ll need to know if you’re going to be in this business.
Ed Garcia
When talking to Hard Money Lenders… - Posted by Pat(NJ)
Posted by Pat(NJ) on November 07, 2000 at 12:39:22:
I’m in the process of calling possible hard money lenders to find out what is their lending criteria. Right now I’m asking the following questions:
What is your LTV?
Is that for as-is value or after-repairs?
Are you a broker or private lender?
What is your interest rate?
How many points?
Will you finance interest and points?
How long will you carry the loan?
Do I need to make payments during the loan?
Do you lend in my state?
Do you specialize in a particular type of property?
rehab, foreclosures, multi-family
How do I submit a possible deal to you?
Should I word these questions another way? What are some other questions I should ask? Your input would be appreciated. Thanks