[SimonFunds2025]

Looking for hard money real estate lender

Client has home worth 2.2 mm

has 640 fico score

looking for 55 ltv

anthony 646 202 0095
anthony@simonsaysfunding.com

[Olderguy]

Can't do hard money on primary residence. Can do Investment property. Primary residence needs a lender who is licensed in the state. And to pay you, you may also need to be licensed so be careful. If anyone promises they can do hard money on primary, be wary.

If it's a basic hard money property loan, I have been doing a lot of them.....have several lenders I use. Some are blanket loans covering all properties with one loan. Some require loan on each property.

You can finance investment property - residential 1 - 4 units, more than 4 units, mixed use properties, land, commercial property, agriculture, etc.

One has no Fico requirements.

Can get up to 75% Loan to Value cash out on these programs. If Fico below 650, LTV goes down.

Here are your options:

Bridge loan - 24 months Interest Only - runs around 11%. Can have no prepayment penalty up to 6 months to a year depending on the lender.

10 year interest only, amortized 20 after. This program has a bit of a lower rate and is good for rental properties as it offers the lowest payment. However, it does have a 5.4.3.2.1 prepayment penalty. Thats 5% first year, 4% second year, etc. You can buy down the prepay to 3 years for 1% cost. To 1 year at a 5% cost. Again there are variations. Now you can do a buy down of the prerpay to one year for 1.5% cost...

30 year fixed.....this is for long term fixed and the rate is the lowest of the two above. It also has the 5,4,3,2,1 prepayment penalty.

These loans are NoDoc (no income documentation) or SISA (Stated income stated assets)

You can also do a dscr on 1 - 4 units and the rates gets into the 8% range.

Reach out with questions or help.

[NickHubbard]

Looking for hard money real estate lender

Client has home worth 2.2 mm

has 640 fico score

looking for 55 ltv

anthony 646 202 0095
anthony@simonsaysfunding.com

If the property is in California, SDC Capital has a hard money bridge loan program | https://sdcfinance.com/residential-bridge-loan

[Olderguy]

Pennsylvania. I told him to make sure the company who reached out to him is licensed in that state and can legally pay him as an unlicensed broker.

[FundNonPrime]

Steve is half right, you need to be licensed if doing an OO property. Here are the guidelines for states you can book NOO deals in with no license. You can go private money on OO if 51% of the loan amount is for business purpose and term not to exceed 12 months.

Nobody is taking a 5 year prepay in this market.

[FundNonPrime]

Screenshot 2024-04-26 125454.jpg

[FundNonPrime]

Screenshot 2024-04-26 125517.jpg