Can Someone Do A Hard Money Loan on Primary Residence
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  1. #1

    Can Someone Do A Hard Money Loan on Primary Residence

    Looking For A Hard Money Loan on a Primary Residence.

    Money will be used to put into his Business

    High End Home Appraises About $8 million

    What LTV can you go ? What Ball Park Interest Rate ? What Kind of Points ? Any PrePay Penalty ?

    Currently Has a $2.2 million First Loan on property that he will be willing to Payoff.

    Would like to net about $2.5 million

    Let me know

    Rich Rose
    Rainstar Capital Group
    rich@rainstarcapitalgroup.com
    602 309-1007

  2. #2
    Senior Member Reputation points: 93439 Olderguy's Avatar
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    Yes - I can do a second lien. but these aren't hard money....They require financials.

    Rate can be as low as 12% - 14% though

    If it's high end make sure there are comps in the area and it's not one of a kind

    I have a guy who can do CA stated income up to 65% LTV...18% - 24%,

    Reach out.
    Steve Benjamin
    Professional Business Loans

    522 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  3. #3
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    Be Cautious Rich,

    Any lender that makes a loan on a primary residence needs to be licensed in that state.

    And in order for you to get paid on it... you need to be a licensed mortgage broker.

    It would be a RESPA violation for you to get paid unless you are a licensed mortgage broker in that state. Not worth the risk.

    Best,

    Dan Page

    Boulder Equity Partners LLC
    Direct: (303) 938-8280
    www.BoulderEquityPartners.com
    dan@BoulderEquityPartners.com
    BoulderEquityPartners@gmail.com

  4. #4
    Senior Member Reputation points: 93439 Olderguy's Avatar
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    Quote Originally Posted by dpFund View Post
    Be Cautious Rich,

    Any lender that makes a loan on a primary residence needs to be licensed in that state.

    And in order for you to get paid on it... you need to be a licensed mortgage broker.

    It would be a RESPA violation for you to get paid unless you are a licensed mortgage broker in that state. Not worth the risk.

    Best,

    Dan Page

    Boulder Equity Partners LLC
    Direct: (303) 938-8280
    www.BoulderEquityPartners.com
    dan@BoulderEquityPartners.com
    BoulderEquityPartners@gmail.com
    A natonal bank can do it. Doesn't need a state license.

    Yes, national banks can make primary residence loans in any state:

    National banks and uniform federal standards: National banks operate under uniform federal standards across state lines.

    Real estate lending: National banks can make real estate loans without regard to state law limitations on licensing, registration, filings, or reports.
    Last edited by Olderguy; 10-24-2024 at 11:50 AM.
    Steve Benjamin
    Professional Business Loans

    522 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  5. #5
    Senior Member Reputation points: 8604
    Join Date
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    Quote Originally Posted by Olderguy View Post
    A natonal bank can do it. Doesn't need a state license.

    Yes, national banks can make primary residence loans in any state:

    National banks and uniform federal standards: National banks operate under uniform federal standards across state lines.

    Real estate lending: National banks can make real estate loans without regard to state law limitations on licensing, registration, filings, or reports.


    Yes, makes sense that a National Bank can lend.

    Just cautioning Rich to be careful about getting paid origination unless he has a mortgage broker's license in that state for consumer loans. Don't want him to get in trouble.


    Dan Page

    Boulder Equity Partners LLC
    Direct: (303) 938-8280
    www.BoulderEquityPartners.com
    dan@BoulderEquityPartners.com
    BoulderEquityPartners@gmail.com

  6. #6
    Senior Member Reputation points: 93439 Olderguy's Avatar
    Join Date
    Sep 2021
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    I have access to a national bank but only make 1% commission on the deal.
    Steve Benjamin
    Professional Business Loans

    522 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

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