Home » UpMarket

Hard Money Questions

From the lens Hard Money.

Have hard money questions? Feel free to post them here for a professional answer.

  • pbfinance1 Feb 28, 2012 @ 4:48 am | delete
    Hard Money lenders is the best option for real tors than banks for finance.
  • JhoehannaAiyleen Sep 16, 2010 @ 1:46 pm | delete
    Hard money lending has turned out to be one of the most profitable business ventures in today's market. Nowadays, real estate investors are turning to hard money loans to finance their deals.
  • stonerichard88 Jun 4, 2009 @ 11:40 am | delete
    Hard money is a very good option and I hope that such companies that offer this product will continue working. Because in this times of economic crisis normal people sometimes need such offer.
  • cgoulart May 27, 2009 @ 12:53 pm | delete
    It depends on what type of financing you are in need of. Credit is becoming an underwriting factor in hard money again, as is income and assets. You may not need to document things in the same manner as a bank would require when talking about income/asset documentation. Bank statements often times will work in lieu of tax returns or paystubs, and the documentation requirements are still flexible.

    What it really comes down to is the overall package. Plenty of equity in the property with a low loan to value cures most issues, but recent foreclosures or other major credit issues in the near past could facilitate the need to strengthen the file with income or asset documentation.

    The best thing is to have a professional working for you with the experience to properly package your particular deal. Having your deal packaged properly helps a great deal in today's market.
  • tonyconnor May 27, 2009 @ 6:27 am | delete
    You mention that having equity in your property is not the only requirement for obtainging funding. Can you give some examples of what else may be required? thanks.
  • Yahoo-Web-Hosting Apr 23, 2009 @ 9:52 am | delete
    The recent economic downturn has been brutal, and obtaining financing is extremely difficult. Bands have tightened lending standards and lenders have bottomed out.

    Hard money lending is very interesting to me.
  • cgoulart Apr 16, 2009 @ 11:47 am | delete
    Credit card companies do not fall under hard money lenders, and to answer your question, I'm not sure. The lending I specialize in deals with debt secured by real estate. I don't know the laws pertaining to credit card companies, but I do believe it has something to do with state law as many credit card companies are based out of Delaware due to state laws.

    It is ridiculous, however, when someone with perfect credit gets their credit card rate bumped from 7% to prime plus 24.99% (happened to me about a month ago)..... Lots of credit card debt in this country, seems like a good topic to take a look at!
  • healthymuts Apr 16, 2009 @ 7:27 am | delete
    Do credit card companies fall under hard money lenders and if so why is it legal for them to charge such high interest rates? How can anyone justify 28% interest with a prime rate as low as it is now? Why won't the government step up and change this industry?

    In my opinion they are as big a cause for the mess this country is in as the subprimes.

This UpMarket page written by

cgoulart

Chris Goulart is a hard money specialist in California. Specializing in hard money loans for commercial, residential and unique projects in the state... more »

Deluxe. Remarkable. Creative. Unusual. Successful. Upmarket businesses push the envelope -- does yours?

Connect with UpMarket

This author recommends...