hard money: Wow!!!! Did I Make the Right Choice?!?! - 10/14/08 07:02 AM
As many of you may have noticed I have not been around lately (please see my last post) and for a good reason. As I had written in my last post I would still be around but just not as much. I recently came across what I thought was a know brainer Hard Money Loan. Geez at least I thought so. Below are the specifics:
No Current Mortgage (Home is Paid for Free and Clear)
50% LTV (of Lenders appraised Value)
Owned the home for more than 10 years
Primary Residence
Sounds Good Right?
Well it seems it is official now … (16 comments)
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hard money: You Have Come To The Realization That You Need a Hard Money / Private Money Loan.. Now What - 06/14/08 09:40 AM
As a Mortgage Broker who works with several Hard Money and Private Money Investors it seems my phone is ringing more than ever, with questions about this type of financing. (Which is a good thing) It just seems so many people who come to the realization that they need this type of financing really don't know what to ask or what to expect when inquiring for this type of financing.
Below is some basics that you should ask your Licensed Full-Time Mortgage Professional.
How many Hard Money / Private Money Investors do you work with? When Was the Last Time you closed … (2 comments)
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hard money: Myths About Hard Money / Private Money in Florida - 06/13/08 06:11 AM
As a Licensed Mortgage Broker in South Florida (Palm Beach Gardens) I work with several wholesale Lenders from A+ Credit to those who have a few speed bumps along the way of life (as do most Brokers). With the market the way it is in Florida I have really expanded my product line on the Hard Money / Private money side. Since doing this, I have also found many clients and Realtors really have miss information on these type of loans now.
Myth 1:
Hard Money / Private Money Only Uses the Appraised Value and Not the Purchase Price
WRONG!
When the … (19 comments)
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hard money: WOW Great NEWS! Hard Money / Private Money 2nds Are Back In Florida (HELOC'S) - 06/04/08 02:26 PM
Hard Money / Private Money Home Equity Lines of Credit
As a Mortgage Broker in Palm Beach Gardens, Florida (Northern Palm Beach County) I have found many of my clients looking for Home Equity Lines of Credit(HELOC) or just plane seconds because they have such a great first Mortgage. Recently, with all of the guideline changes and the market conditions going crazy it was almost impossible to get a first Mortgage let alone a second one. This is why I am so excited to have one of my Investors come back in the market with this product.
Minimum Loan Amount $25,000
… (8 comments)
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hard money: Congrats You Just Bought the CD Set on How to Buy Properties with Hard Money........ - 05/15/08 10:55 AM
Before I begin this post a warning it may lean towards a venting of the industry. (Please consider yourself warned) As many of my readers know I work with many Hard Money / Private Money Investors so naturally I receive many phone calls from perspective clients who read my blogs.
It seems right now with our economy in the state that it is in many people are trying to figure out how to make a fast buck. This is why more and more of these late night infomercials are popping up telling the consumer for 3 simple payments of ------ they … (10 comments)
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hard money: Oliva Series V, Tiger Woods and Business Does Life Get Any Better? - 03/17/08 08:53 AM
Cigars, Tiger Woods and Mortgage Business... Life is Good!
Life is always good when you can go to your local Cigar Shop and enjoy an Oliva Series V, watch Tiger Woods march his way on to a perfect season of Golf and find new business as well.
Now this is not an endorsement for you to run out and start smoking. However, even if you don't smoke, don't assume that what takes place in Cigar Shop's around the country is just a bunch of old fat guys talking about remember when. Because of smoking laws around the country many of these shops … (19 comments)
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hard money: Want To Know How to Buy a House in Florida? - 03/13/08 08:56 AM
Want to know how to buy a house in Florida? Please press play and continue to read while the music is being played.
Ok, so this post is going to be more of a vent but this is the harsh reality people. If you want to buy property now especially in Florida you are going to need MONEY. That is the bottom line. Gone are the 100% financing with a 6% seller concessions. This just does not exist.
You can keep calling all the Lenders and Mortgage people you want have your credit pulled hundreds of times continue to waste people's time. The … (27 comments)
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hard money: Attn: Investors! How Would You Like to Be Part of The Hard Money Business? Part II - 03/07/08 07:45 AM
If you have not read Attn: Investors! How Would You Like to Be Part of the Hard Money Business part I please read that post first to fully understand how this program will work for you. Once you have read that post and decided you want to move forward here is what you can expect.
After deciding on whay type of properties and loan amounts that you would finance either on your own or with a group below is an example of what can expect on your first e-mail:
FICO 690Loan Amount $1,800,000Loan-To-Value 65%Program Stated Income and Verified AssetsX- Amount of Assets have … (2 comments)
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hard money: Need Hard Money / Private Money Short Term? Here is What Can You Expect - 03/04/08 07:30 AM
Need Hard Money / Private Money Short Term?
With the Mortgage Crisis in full swing and many "Investors" wanting to take advantage of a down market in Real Estate I have found many Investors are turning towards Hard Money / Private Money Mortgages for their financing needs. The purpose of this post is to inform the novice or the short term investor what to expect when choosing this type of financing.
Before I begin please understand the following:
Your Loan is a High Risk Loan
No Matter if You Have the Following:
Great FICOGreat Loan To Value of the AppraisalDocumentationYears of Doing InvestingYour Loan is a High … (10 comments)
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hard money: Attn: Investors! How Would You Like to Be Part of The Hard Money Business? - 02/28/08 12:53 PM
As a Mortgage Broker in South Florida (Palm Beach Gardens) I have built up a reputation as the "Go To Person" when it comes to Mortgages including Hard Money Loans, Alt A, Sub Prime, Jumbo's and Super Jumbo's. With the housing Market what it is I have found most of my investors (Purchasing investor homes, condo's, commercial, etc...) staying on the sidelines waiting to pounce once they feel comfortable.
I have been approached many times from my Hard Money investors to try and recruit more investors to help pool their money and have never felt comfortable til now. I am very … (13 comments)
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hard money: Need More Information on Hard Money Type Loans? Please Read....... - 02/21/08 03:28 PM
As many of my readers know I am a Mortgage Broker in South Florida (Palm Beach Gardens) and work with several different lenders. Throughout my years in the business I have built up a reputation for Hard Money Loans, Jumbo, Super Jumbo's and Sub-Prime Mortgages. Lately, I have seen a big surge in Hard Money lending and have received many inquires as to them.
The phone call or E-Mail usually starts off with "Can you Give me Your Rates on Hard Money Lending". To me this is the same is if someone is asking what is your rate today on a … (7 comments)
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hard money: Why Does Hard Money / Private Money Cost So Much? - 02/17/08 10:43 AM
Why Does Hard Money / Private Money Cost So Much?
As a Mortgage Broker in Florida (Palm Beach Gardens) I have built up a reputation as having many of these type of Hard Money Investors at my disposal. While this is true I am also asked many times why does it cost so much to borrow money from these Investors. I have always found in life that sometimes it easier to understand things if you look at it from the the other side.
Hard Money /Private Money is not always about greed but about using common sense. When you are need of … (8 comments)
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hard money: Hard Money / Private Money Construction Loans - 01/30/08 09:12 AM
Hard Money, Private Money, Construction Loans.... No this is not a Typo
You found your perfect property and now you want to build your dream home. You just found out do to your situation (job history, FICO, Loan-to-Value, etc......) you can't qualify for a conventional Construction home loan in Florida. As a Mortgage Broker in South Florida I have heard this story many times. This is why I am happy that I can offer this product to my clients.
Hard Money Loans/Private Money loans have had a myth that these type of loans are only for refinancing or a straight purchase of poor credit … (16 comments)
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hard money: Stated, No Doc, No Ratio Home Loans..Think They Are in The Past? Guess Again - 01/15/08 09:52 AM
Stated, No Doc, No Ratio Home Loans..Think They Are in The Past? Guess Again
As a Professional Mortgage Broker in Florida I found their are many misconceptions on what Mortgage Programs are available in today's Lending Industry. The following programs are still available:
Stated Income, Stated Assets (No Proof of income or assets)Stated Income, Verified AssetsNo Documentation LoansNo Ratio LoansBusiness Bank Statements Loans (For Proof of income)Personal Bank StatementsWhat are the Requirements?
First off, their is NO Set FICO for every loan throughout the Lending Industry. This is one of the reason's why I enjoy being a Mortgage Broker. I am able to sift … (44 comments)
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hard money: Hard Money / Private Money: The Basics - 12/22/07 08:56 AM
Hard Money / Private Money: The Basics
With the Mortgage Industry in constant change lately many of my clients are turning towards Hard Money type loans. These Loans also go by the term Hard Equity and Private Money. Being a Mortgage Broker in South Florida (Palm Beach Gardens) I have over the years and continue to work with several of these type of companies as well as individuals.
Lately I have received many inquires from perspective clients asking me questions about these type of loans. This is the reason for the post just to give the basics of who gives them and what … (20 comments)
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hard money: Short Sales & Private Money / Hard Money Might Make a Good Financing Alternative - 10/29/07 09:57 AM
Short Sales & Private Money / Hard Money Might Make a Good Financing Alternative
In Florida, one of the hot topics is Short Sales the purchases and the financing of these properties. However, before you jump on the band wagon and say "I would Never use that type of Financing" lets take a look of some of the advantage's Private Money / Hard Money can offer you in a purchase of a Short Sale.
When you are purchasing any type of property using Conventional Financing, (Fannie Mae, Freddie Mac) or Sub-Prime these Lenders will only use the purchase price or the appraised value … (13 comments)
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