Im sure i posted this on here a few days ago but for some reason i cant find it so here i go again.
I just wanted to know more about Hard Mony Loans, What the pros and cons of going this route for financing if ones credit isnt good enough for the bank to give u a loan.
I just want to know as much information about this as possible. Could anyone please embrace me with there wisdom

Thanks!

The hard money lenders I work with look at credit scores - they lend around 70% of the after repair value of the home. Now the problem with these lenders is that the fees they charge are about 3% in origination alone (1% of the loan amount) and thats not talking about all of the other fees you pay to close.
I think it comes out to about 5% of the total loan amount. It is best if you can find a bank that will hold the loan and you put 5 to 10% down .... I know sometimes it is hard to get these funds together .. you can search investor loans on the web and you will get several to talk with. Make sure none of the loan have prepays (penality to pay off soon).

check out http://fidelitymutualmortgage.com.
you can find a lot of information about hard money loans, hard money loans for commercial real estate.
Fidelity mutual mortgage is a mortgage lender from Los angeles California.

The interest rates are usually quite high but they are designed to be short-term anyway. The reason they are used so much is because they base the loan on you / your credit more than the house (good if you have a home neeeding serious TLC).

Some do have a minimum time frame, though (like a prepay penalty). I know someone who used one to buy a home at county auction (bc the balance was due 48 hrs after the auction) and 30 days later he had a regular mortgage lined up (this was a home he intended to live in) but he had to keep the hard money loan for a min of 6 mos I think it was.

They can be spendy but can also be your only option if the home can't be financed (too bad of shape even for a rehab loan).

You can find some by going to a local real estate investor's club, there are usually people there who have money but no time/interest in finding the deals & rehabbing them.

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I am looking for an ARV loan for properties in an around Rochester, NY if anyone can help me please contact me at jonesjm23@hotmail.com