detroit private lending: Michigan Hard Money - Order a Desk-Top Appraisal First
- 10/10/10 03:19 PM
As I'm sure many do, some of my experiences in business (or life) becomes a story to pass on to friends, clients and business associates, hopefully we can learn something from each other when we share these tid bits. Here's one I'd like to pass on to you.
My business has been private mortgage loans, sometimes known as "hard money" for the past 24 years and in our type of lending it's all about the appraisal. With values all over the place (mostly low) the independent appraiser we use has suggested we ask the borrowers to order a desk-top appraisal first to find a probable value before we … (2 comments)
detroit private lending: Hard Money is all about speed.
- 09/26/10 02:52 PM
I received a call from a borrower this past Thursday who was referred to our office by another broker who needed to close on a short sale house purchase by next Wednesday, we only had 6 days to close. Originally the buyer had a partner who was putting up 50% of the money and our client the other 50% but the partner backed out at the last minute and now the buyer needed us to quickly lend the missing 50%. This is why many buyers will call a private (hard money) lender, we can close that quickly. I told the borrower to e-mail me their income documentation … (0 comments)
detroit private lending: Who would buy a house in Detroit, sight unseen?
- 03/20/10 09:44 AM
The caller says, "Hi, I just bought a property in Detroit for $1,600 cash (yes, sixteen hundred dollars) and need a local hard money lender to lend me money to rehab it, what are your qualifications?" Sounds like a reasonable requests, right? So I ask, "Well, let me ask you a couple of questions about the house." Ready... here comes their response... "I haven't actually seen it, other than the picture in the listing, I live in California but it was too good to pass up!" If I hadn't been side tracked with our conversation about California, (after college I moved to San Diego for 23 years … (6 comments)
detroit private lending: Detroit Hard Money Investment Note that's available for sale, short term bridge-loan 1st mortgage at 15.9%.
- 01/24/10 09:08 AM
Metro Mortgage Investments LLC has a new 1st Mortgage Note available for sale. We are a Michigan licensed mortgage lender, originating, processing, underwriting and selling short term investor bridge-loans on houses in and around Detroit, self-directed IRA's are welcome. Our latest 1st mortgage Note that's available is $90,000, the house is 5,034 sq. ft., 4 bedrooms, 4.5 baths, 4 car garage, built in 2006 in a gated community and recently appraised for $195,000, that's 46% LTV on the CURRENT VALUE. Along with our 1st mortgage our borrower brought in $73,000 cash to close on this purchase, middle credit score 700. Due to … (0 comments)
detroit private lending: Video on Private Hard Money for Real Estate Investors
- 09/19/09 02:18 PM
Copy and paste the following link into your browser - http://www.youtube.com/watch?v=HsmIPgWyc4Y Or, just go to YouTube.com and type "HardMoneyMi" into the search field for several videos on Hard Money for Real Estate Investors, Using a Self-Directed IRA for Investing, How to Price the Rehab Project and Hard Money as an Investment. Trent Dalrymple Metro Mortgage Investments LLC Trent@HardMoneyMi.com (248) 547-3006
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detroit private lending: Banks or Investment Advisors, what they don't want you to know about your IRA!
- 09/12/09 10:14 AM
One of the most misunderstood and under-utilized IRA's is the "Self-Directed" IRA. Here's why: a true self-directed IRA will be one that allows you to purchase Private Mortgages, investment property or invest in private companies. These are different than the IRA's offered at your bank or investment broker's office that provide the usual stocks, bonds and mutual funds. Here are a few Self-Directed IRA custodians: Pensco Trust www.penscotrust.com Guidant Financial Group www.guidantfinancial.com Equity Trust Company www.trustetc.com The Entrust Group www.theentrustgroup.com Once you decide on your custodian you can roll-over your 401(k) from your previous employer or transfer your current IRA and start making an annual return of 14.9% … (7 comments)
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Trent Dalrymple (248) 854-0625
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