Hard Money

emoore47 · Joined: 16 May 2007 Posts: 1 1.22 Dollars($)

Hello I am looking for hard money for downpayment on a commercial property in TN.The property is 400 units.
Thank you
Esti

jerry · Posted: Wed May 16, 2007 11:27 pm Post subject: RE: down payment assistance

Hi Emoore,

Welcome to the forums.

I guess you are looking for some down payment assistance. But this community does not provide for such assistance. But you can surely discuss your mortgage related queries so that the community can help you out.

In case you are looking for down payment assistance, you can check out with the HUD (Housing and Urban Development) programs available in this regard.

You can also seek assistance by making use of the American Dream Down Payment Assistance.

Thanks,
Jerry

helping_user · Posted: Fri May 18, 2007 2:12 am Post subject: RE: hard money as down payment

Emoore,

Hard money loans are offered against the quick sale value of the property. Such loans are not provided by financial institutions. Instead, a private lender or a trust or real estate investment property offer such loans.

Hard money loans require you to pay higher rate of interest. This happens mainly when your credit score is not up to the mark. The maximum loan to value ratio of the hard money loan is around 60% to 70%.

Since you are considering a hard money loan as the down payment, I would suggest that you look out for other options such as assistance from non-profit agencies. Or else, you may even take help from your relatives and friends who are willing to offer you assistance in the form of gift.

Thanks.

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