Where do we find a hard money lender?

Question

A friend of mine wants to buy a condo but can't get financing because of the situation of the condo:

- Most of the condos have no HOA or it's no longer active

- There are 3 total units in the building. Another one he saw has 6.

- They are listed for $50-70K.

- They are assessed as of 2008 at 4 times the listing price.

- The other units are vacant or rented. Not owner occupied.

Because of these conditions he can not get conventional lending. On top of that:

- His credit is good but he has a lot of revolving credit.

- Because of that he has a 30% debt to income ratio.

- He currently pays $1000 in rent alone so he wants to buy one of those units so he can stop wasting money on rent.

What he needs is a hard money lender that will look at the property and lend him maybe $40-50K. That will allow him to pay for a place to live and pay down his debt. But we can't find anywhere that will do that. All the so-called "hard money lenders" we found go the same route as a conventional bank, pulling his credit and all and generating all this inquiry on his credit report.

Time is of the essence because these properties are really good ones that are being liquidated and the good ones are selling like pancakes with every passing day.

I'd appreciate any lead you may have.

Thanks.

Answer 1

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Answer 2

Good Day, Sir/Madam.

I am Mr Richmond Brown a Private Loan Lender, I am the C.E.O of the

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and business loans with capital base between the amounts of $5,000.00 to

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but must have a legal means of repaying back the Loan at

the stipulated time, AND MUST BE TRUST WORTHY.

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like you to tell the EXACT AMOUNT you are requesting for as loan and

the urgency of this transaction for further proceedings you.

 

Email:[e-mail]

Tel [phone]

For More Urgent Information Get back to us immediately.

Yours Sincerely,

Mr Richmond Brown

Managing Director(C.E.O).

WATERFALL FINANCE LOAN FIRM

 

Answer 3

 

    
        
            
        
    

Good Day,                                                 I am Mr Clark a Private Loan Lender, I am the C.E.O of the MERKEINS SWIVEL LOAN INVESTMENT COMPANY , United Kingdom. We offer both personal and business loans with capital base between the amounts of $2,000.00 to $50,000,000.00 US Dollars Or GB Pounds to Individuals, Firms and Cooperate Bodies regardless of their Marital Status, s*x, Religion, and Location but must have a legal means of repaying back the Loan at the stipulated time, AND MUST BE TRUST WORTHY. If this befits your expectations, then we can proceed further, I will like you to tell the EXACT AMOUNT you are requesting for as loan and the urgency of this transaction for further proceedings you.                                                                                                  Email:[e-mail]                                                 For More Urgent Information Get back to us immediately.                                                 Yours Sincerely,                                                 Mr Clark                                                 Managing Director(C.E.O).

Answer 4

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