I was curious to see what people have out there when it comes to hard money. I am interested to see what LTV private money lenders will finance using After Repair Value. I heard that there are lenders out there that will actually let you do 100% purchase off sales price based on the ARV. The #s have to work of course. I am interested to see what you guys have out there! Please Post!
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I'm interested in seeing the responses you get. Hard money around here seems to have tightened up just like other mortgage money.
We are looking for a hard money lender in OR, and so far we've talked to one who does them in another state, and he said that there still is money available right now for 60-70% of the ARV. So if you have a prop that's worth 100K (ARV), they'll lend up to $70K...so if you can buy it for 50K, and put 20K into it, then you'll get your "100% financing" because they'll give you the entire 70K that you need to sell it during the 6-mo balloon for 100K. Of course, finding the deal nowadays is the trick... :) Let us know if anyone finds out anything else! ;)
Paul - Most investors are having to re-evaluate their exit strategies due to the economy & mortgage regulations; you have to be a lot more careful using hard money or you will go in the hole.
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