How to get that Extra $ 8000 when you buy bank owned properties...?

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Rachel Rey

BankOwnedSaltLake

What is this about? Is it just a Salt Lake incentive or are you referring to the $8,000 tax credit?

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Toby Lane, Sr. Mortgage Consultant
Academy Mortgage Corporation Atlanta, GA
GA Mortgage | Atlanta Mortgage | GA Refinance

Pretty sure this is spam.

Rachel, I just want to make you aware, self promotion is against the rules here.

Please make yourself familiar with the rules (they were sent to you when you first joined).

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Nicholas May | IDX Coordinator | Real Estate Webmasters

Unless she is just referring to first-time homebuyers buying foreclosed property for primary residence, i don't see what else it could be. Pretty lame post if you ask me...

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vainvestor - any information on hard money lenders?

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--Richmond VA and the entire surrounding metropolitan area: Chesterfield County - Henrico County - Amelia County - Dinwiddie - Prince George - Charles City County and the cities of Petersburg - Colonial Heights - Hopewell -
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Sellitnow - Nice to see a Richmond guy on here! What kind of info in particular do you need on hard money lenders?

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Perhaps some of the basics -- to better understand this realm.

Specifically, I have a prospect who is looking to find a commercial mortgage lender or a hard money lender for a 70% ltv to buy out the owner of a currently operating business . . . I am really just trying to put to two parties together as this prospect has already done a purchase contract (so I don't get paid as a Realtor) but I did tell him that I would check around to see if I could find someone to help him get to the finish line

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--Richmond VA and the entire surrounding metropolitan area: Chesterfield County - Henrico County - Amelia County - Dinwiddie - Prince George - Charles City County and the cities of Petersburg - Colonial Heights - Hopewell -
. . . Ask Me How to Get a Free Gas Card Now!

What sort of business is it? Is the real estate the main bulk of the purchase?

There is a fairly large difference between typical commercial real estate lenders and hard money lenders, so you really need to take the time to figure out where to send your client to. A typical hard money lender is a short-term, high points, high interest lender. If your client is looking to hold this investment for a while, then hard money is probably not the way to go unless he just needs short-term financing while he manages to line up long-term money.

Hard money, at least how I and other investors I know use it, is primarily for rehabbing properties. The loan is very short term, typically under a year, comes with a lot of points and a pretty high rate. Work on the property is done, you get it reappraised, refinance into a regular mortgage or sell the property, thereby paying off the hard money lender.

I hope this helps - let me know.

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