Hard Money

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Icon Mini Profile emoore47





Joined: 16 May 2007

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Post Posted: Wed May 16, 2007 10:22 pm    Post subject: Hard Money
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Hello I am looking for hard money for downpayment on a commercial property in TN.The property is 400 units.
Thank you
Esti
Icon Mini Profile jerry
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Post Posted: Wed May 16, 2007 11:27 pm    Post subject: RE: down payment assistance
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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
Icon Mini Profile helping_user
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Post Posted: Fri May 18, 2007 2:12 am    Post subject: RE: hard money as down payment
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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.
Helen Storey

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Post Posted: Fri Dec 24, 2010 8:54 am    Post subject: 4-Unit Appt. Bldg.
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I am in need of hard money assistance for downpayment assistance, can you assist, the property is 100% occuppied with long term tenants, fairmarket value is arount 170K, my offer will be $110K.
Icon Mini Profile adonis
adonis




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Post Posted: Sun Dec 26, 2010 8:41 pm    Post subject:
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Hi Helen,

I'm afraid none of us will be able to offer you down-payment assistance. You can contact your friends and relatives and check out if they can help you in this matter.

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Icon Mini Profile raymond
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Post Posted: Thu Dec 30, 2010 5:44 pm    Post subject:
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>>I am looking for hard money for downpayment on a commercial property

Hard money Lenders don't lend money for down payments.

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Raymond Denton
www.IrvineReverseMortgages.com
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