Off topic but: Any hard money lenders in here? - GoFuckYourself.com

shuki · 11-10-2010, 03:37 PM

I have a great deal on an office condo and need a 95% LTV loan on a $430,000 unit.

You are protected by the real estate.

Let me know guys.

Thanks

papill0n · 11-10-2010, 03:39 PM

yeah its always difficult to buy a 400k condo with no money

shuki · 11-10-2010, 03:44 PM

It is easy in the residential markets but harder in the commercial

sweetcuties · 11-10-2010, 04:34 PM

Hard money sucks, I looked at a HM lender 2yrs ago for one of my properties... I'm so happy I didn't go that route! They can take back the property if you can't get refinannaced and you will also have to pay points and an outrageous fee

LeRoy · 11-10-2010, 05:41 PM

Hard money as in.... chop your right pinky off if the payment is late?

Oracle Porn · 11-10-2010, 06:04 PM

Quote:

Originally Posted by LeRoy

Hard money as in.... chop your right pinky off if the payment is late?

I was thinking the same

Are you looking for people who don't take "money in motion" as an answer?

Agent 488 · 11-10-2010, 06:06 PM

http://en.wikipedia.org/wiki/Hard_money_loan

TidalWave · 11-10-2010, 06:13 PM

You're looking at around 11%-20% rate plus potentially points upfront.
Though it could be worth it... but 95% LTV is very high, it would have to have a strong appraisal

shuki · 11-10-2010, 06:35 PM

Its a great commercial condo in an amazing building in Boston. Very secure investment but yes its hard to get a loan with only 5% down so I was looking for some outside the box options.

Barry-xlovecam · 11-10-2010, 07:15 PM

Commercial property 60% to 65% LTV at best.
Get the seller agree to carrying back a sizable 2nd (seller's note).

epitome · 11-10-2010, 07:18 PM

You're not getting 95% LTV unless the HML has no idea what they're doing, but I've never met one that doesn't, so good luck with that.

minicivan · 11-10-2010, 07:21 PM

Quote:

Originally Posted by shuki

I have a great deal on an office condo and need a 95% LTV loan on a $430,000 unit.

You are protected by the real estate.

Let me know guys.

Thanks

So basically you want to have almost nothing invested and nothing to risk but you want to borrow someone else's money to do it?

It doesn't work like that.

Ron Bennett · 11-10-2010, 07:30 PM

Are you sure the $430K price is really a great deal?

Are the property taxes high? ... are the other units owned? ... many being leased out? ... one or more in foreclosure / other distress? ... what's the future going forward?

Traditional office space seems redundant in the world of the internet, outsourcing, and offshoring.

If the space you're seeking is suitable, as in people would likely go there, for say a physical rehab facility, doctor's office, law office, etc *and* is more ideal than surrounding properties for such uses, then perhaps it has great potential.

Do you have a tenant booked or specific use in mind? ... or are you buying it figuring it will simply appreciate in value?

Rambling on ... and it may seem as if I've gone off on a tangent, but all of the above relates to whether one will give you such a loan with so little down.

The seller may be willing to loan part of the amount ... and also, if you own other real estate, you may be able to collateralize it for the loan - extremely risky though, since then you could end up losing a lot more than just the property you're seeking to buy.

Be careful who you deal with - not just from a physical safety aspect, but also from a contract aspect - some private loans may contain provisions allowing the lender to sell the property upon missing just one payment, or even potentially before, if the property value is deemed by the lender to have significantly declined. Get an experienced attorney involved before signing anything, especially if doing a private / non-bank loan.

Ron

SallyRand · 11-10-2010, 07:47 PM

Quote:

Originally Posted by minicivan

So basically you want to have almost nothing invested and nothing to risk but you want to borrow someone else's money to do it?

It doesn't work like that.

Actually it does if you're smart and have good collateral or can talk right.

woj · 11-10-2010, 08:36 PM

you are probably shit out of luck man, unless the circumstances are unusual and you have some good hookup, you aren't going to get 95% LTV loan...

but tell us more, what's the story? what makes you think this property is such a good deal?

NetHorse · 11-10-2010, 09:10 PM

Quote:

Originally Posted by epitome

You're not getting 95% LTV -snipe-

..

11-10-2010, 03:37 PM	#1
shuki Confirmed User Join Date: Aug 2004 Location: Boston Posts: 3,070	Off topic but: Any hard money lenders in here? I have a great deal on an office condo and need a 95% LTV loan on a $430,000 unit. You are protected by the real estate. Let me know guys. Thanks __________________ Looking to buy established paysites contact me [email protected]

11-10-2010, 03:44 PM	#3
shuki Confirmed User Join Date: Aug 2004 Location: Boston Posts: 3,070	It is easy in the residential markets but harder in the commercial __________________ Looking to buy established paysites contact me [email protected]

11-10-2010, 04:34 PM	#4
sweetcuties Confirmed User Join Date: Feb 2002 Location: Somewhere Posts: 5,859	Hard money sucks, I looked at a HM lender 2yrs ago for one of my properties... I'm so happy I didn't go that route! They can take back the property if you can't get refinannaced and you will also have to pay points and an outrageous fee __________________

11-10-2010, 05:41 PM	#5
LeRoy Porn Pusher Industry Role: Join Date: Jul 2007 Location: It's a dry heat Posts: 13,340	Hard money as in.... chop your right pinky off if the payment is late? __________________ JAPANESE CAMS AND CONTENT SITES Teams - leroy.rowland2 Telegram - @lroddd

11-10-2010, 06:13 PM	#8
TidalWave Confirmed User Industry Role: Join Date: Sep 2007 Location: Los Angeles Posts: 2,706	You're looking at around 11%-20% rate plus potentially points upfront. Though it could be worth it... but 95% LTV is very high, it would have to have a strong appraisal __________________ www.SwiftNode.com

11-10-2010, 03:39 PM	#2
papill0n Unregistered Abuser Industry Role: Join Date: Oct 2007 Posts: 15,547	yeah its always difficult to buy a 400k condo with no money

11-10-2010, 06:06 PM	#7
Agent 488 Registered User Industry Role: Join Date: Feb 2006 Posts: 22,511	http://en.wikipedia.org/wiki/Hard_money_loan

11-10-2010, 06:35 PM	#9
shuki Confirmed User Join Date: Aug 2004 Location: Boston Posts: 3,070	Its a great commercial condo in an amazing building in Boston. Very secure investment but yes its hard to get a loan with only 5% down so I was looking for some outside the box options. __________________ Looking to buy established paysites contact me [email protected]

11-10-2010, 07:15 PM	#10
Barry-xlovecam It's 42 Industry Role: Join Date: Jun 2010 Location: Global Posts: 18,083	Commercial property 60% to 65% LTV at best. Get the seller agree to carrying back a sizable 2nd (seller's note).

11-10-2010, 07:18 PM	#11
epitome So Fucking Lame Industry Role: Join Date: Jun 2009 Location: St. Petersburg, FL Posts: 12,156	You're not getting 95% LTV unless the HML has no idea what they're doing, but I've never met one that doesn't, so good luck with that.

11-10-2010, 07:30 PM	#13
Ron Bennett Confirmed User Join Date: Oct 2003 Posts: 1,653	Are you sure the $430K price is really a great deal? Are the property taxes high? ... are the other units owned? ... many being leased out? ... one or more in foreclosure / other distress? ... what's the future going forward? Traditional office space seems redundant in the world of the internet, outsourcing, and offshoring. If the space you're seeking is suitable, as in people would likely go there, for say a physical rehab facility, doctor's office, law office, etc and is more ideal than surrounding properties for such uses, then perhaps it has great potential. Do you have a tenant booked or specific use in mind? ... or are you buying it figuring it will simply appreciate in value? Rambling on ... and it may seem as if I've gone off on a tangent, but all of the above relates to whether one will give you such a loan with so little down. The seller may be willing to loan part of the amount ... and also, if you own other real estate, you may be able to collateralize it for the loan - extremely risky though, since then you could end up losing a lot more than just the property you're seeking to buy. Be careful who you deal with - not just from a physical safety aspect, but also from a contract aspect - some private loans may contain provisions allowing the lender to sell the property upon missing just one payment, or even potentially before, if the property value is deemed by the lender to have significantly declined. Get an experienced attorney involved before signing anything, especially if doing a private / non-bank loan. Ron __________________ Domagon - Website Management and Domain Name Sales

11-10-2010, 08:36 PM	#15
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	you are probably shit out of luck man, unless the circumstances are unusual and you have some good hookup, you aren't going to get 95% LTV loan... but tell us more, what's the story? what makes you think this property is such a good deal? __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager