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Topic: Hard money loans.  (Read 555 times)

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Bigfoot

  • Sea Lion
  • ****
  • moochariffic
  • Location: Chico, Ca
  • Date Registered: Aug 2005
  • Posts: 2452
Anyone here do Hard money loans. After this last year (Moving, Tyler and failed shoulder surgery) I have a note to pay off and need a more economical vehicle. Please PM me if you can direct me. I have 7 acres as collateral.
Bigfoot
Randall Ray Nelums
Cell (510) 305 0471


RacinRob

  • AOTY Committee
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  • Wilderness Systems Pro Staff
  • Location: Sheridan
  • Date Registered: Mar 2009
  • Posts: 8528
True hard money from a hard money company, such as COGO Capital, can't be lent to and end user. End user being someone who will live in the property. Even if it is a multi family residence like a duplex, if the borrower is going to live in one side that loan by law can not happen. Now, you can try to find a private money loan, different. That is like person to person and that is legal. Problem is most of those people want short term returns. 0-24 month, unless they own the subject property.. Then they might loan on a longer term. I wish you luck, but I have no one to send you to for that type of money. Sorry.
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Bigfoot

  • Sea Lion
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  • moochariffic
  • Location: Chico, Ca
  • Date Registered: Aug 2005
  • Posts: 2452
It's bare property. No one lives there. Not yet anyways! haha. I just need it short term, clean some stuff up and then get a construction loan to build on it eventually. Thanks for the education Rob. Stripers are biting out at Scotty's.
Bigfoot
Randall Ray Nelums
Cell (510) 305 0471


Tsuri

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  • It's spring!
  • Location: East Side
  • Date Registered: May 2009
  • Posts: 2159
Construction loans also not really available these days.......
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