[LenPick]

Hi,

I need a hard money lender for special use properties. Specifically for a used car dealership in Florida. If anyone knows anyone please share.

Thank you,

[NickHubbard]

Nathan Capital Group | https://nathancapgroup.com/

[Olderguy]

I can probably do it...Have a few people to run it by...but is it a parking lot with a small shack on it? How big is the structure?....you have to look at it and it may be considered a parking lot. How big is the office and do they do service?

[LenPick]

Thanks Nick! I'll keep you posted.

[LenPick]

The structure is not that big, but I can send it to you. I'm going to try to do this direct first though. If I can't I'll send you the deets. Thanks Steve.

[Olderguy]

Keep in mind if you look it up on google earth and it's just a shack on a lot you won't get any bites. When reviewing property for hard money, the appraisal needs to include comparable sales in the area. If there aren't any shacks on lots within a reasonable distance, the lender will decline the file.

The other problem you are going to run into....the lender is going to look at the liquidity of the property if the borrower defaults on the loan. If it's a shack on a lot, it has little liquidity and too risky for a lender. Too hard to sell to get the lender's money back.

[LenPick]

You're spot on Steve, very knowledgeable, and that's exactly what I've learned. Appreciate the tips.