Where are the Hard Money Lenders?

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In today’s challenging economic market, funding is hard to come by for the average investor. Only those with top credit scores seem to benefit from today’s market, at least that’s how it looks. Contrary to what you make think, there are numerous sources of hard money available, if you know where to look. Take it from me, these guys are buying properties and keeping a low profile. They understand the business and how to profit from it. These are the people that you should be seeking out to obtain your hard money loans.

So here is the tip on finding an unlimited supply of hard money sources in your town. What you do is go down to your local courthouse where you would purchase a bank foreclosure auction. Ask for the bid book where all bids are recorded. This information is very, very valuable. Write the name, address, and phone number of the bidders, this way you can always mail them some of your marketing materials when marketing for hard money lenders. You want to look for the bidders that are bidding on several properties, these are most likely your investors with ample cash and not just those looking for their next flip. You take this information and contact these individuals to see if they are interested in providing you with some hard money. These guys are active investors and really know the market. You are asking them to make you a loan secured by real property, to be hard money lenders. Be sure to offer them a nice return on their investment but not more then the max allow for your state. The max in North Carolina is 13% at the time of this writing. When you approach these investors with your deals, be sure that you’ve done your research. If you’re seeking funds for a deal and haven’t done any due diligence, you will discard your credibility and you may not have another opportunity to get the investor’s ear again.

These auction buyers sometimes never see the inside of the property until after it’s been purchased. They know the market and they know the type of buyers that buy these homes. In order to purchase properties at auctions, you got to have some knowledge, guts, and a boatload of cash. The bottom line is, these buyers can be a great resource for some hard money cash.
I hope you’ve enjoyed reading this post as much as I’ve enjoyed writing it. Please leave a comment below, it is greatly appreciated.
Happy Investing!!

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Technorati Tags: foreclosure auction, hard money, Hard Money Lender

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This entry was posted on Tuesday, July 21st, 2009 at 8:00 am and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

15 Responses to “Where are the Hard Money Lenders?”

Pitbull Mortgage School says:

August 25, 2009 at 1:31 pm

On September 3rd, inside the Rio Hotel – Las Vegas we are hosting the largest hard money lenders event this year.

Here are some of the topics discussed:

How to create an investor mortgage pool

How to position your business #1 on Google search engine How to create a residual income from your mortgage pool How to underwrite and fund your own deals How to lend and broker hard money deals How to take advantage of the REO market

Go to HardMoney or call 858 736 7788
admin says:

August 25, 2009 at 2:02 pm

Thanks for the info. Not much time for me to plan such a trip, but be sure to keep us updated on your events so that our Hot Wholesale Real Estate community can partake…..
Torrey