The 3 Secrets to Finding Hard Money Lenders to Fund Your Real Estate Deals

The 3 Secrets to Finding Hard Money Lenders to Fund Your Real Estate Deals

I am often asked by real estate investors that want to purchase wholesale deals how they can find hard money to use to purchase and repair the property.

Let’s start with a brief description of what hard money/equity lenders actually are. They are lenders (often private individuals, but can be companies) that lend based upon the After Repair Value (ARV) of the property. Therefore, they are ideal to use when the condition of the property is such that an investor will be unable to obtain a conventional loan. For instance, if the property needs a new roof, most conventional lenders will not do the loan, but a hard money lender will fund it if the property is being purchased for a big enough discount.

Besides providing the ability to purchase distressed property that needs work, hard money lenders also enable a buyer to purchase a deal quickly, which is a requirement when buying from a wholesaler.

Be aware that because of the lender’s risk in funding such deals, they do charge high interest rates and fees. It is not uncommon to find such lenders charging 15% interest and 2-4 points (each point is equivalent to 1%) on the loan amount. However, if you’ve found a good enough deal and you have a sound exit strategy once the property is repaired, hard money lenders can be a great tool in your arsenal.

Here are the most effective ways to these lenders in your area:

1. Networking – Network with other real estate investors in your area to find out who they are using to fund their deals. Go to investor meetings, e.g. REIA groups, in your area. In fact, it is likely that your local REIA has corporate sponsors, and if so, there is probably at least one hard money lender among those sponsors. If you’re looking for funds quickly and can’t wait to attend the next REIA meeting, you might try searching your local REIA’s website for a list of its corporate sponsors.

2. Internet – There are a variety of ways to find these lenders online. Start by doing a search on a search engine like Google. In addition, social networking sites provide a fantastic resource for finding hard money in your area. If you haven’t already, join every real estate-related group you can find on social networks like Facebook and LinkedIn. After you join, check the postings as you may find hard money lenders that are advertising their services. If not, post a message on the wall or discussion board for each group asking fellow group members for referrals.

3. Data Provider – Finally, here’s a way to find hard money lenders using the power of a list provider, such as Melissa Data or First American Core Logic. Pull a list of absentee owners that have purchased property in your area within the past 6-12 months. Absentee owners are the entries where the tax records mailing address and the property address are different. Be sure that your data provider can provide you with the name of the mortgage holder(s) on each property. It would be a good idea to limit the list to properties that are more likely to be fixer uppers, so you don’t want newer or more expensive properties. Consider limiting your results to those with a purchase price under an appropriate price point and built before, say 1990. Then, cull the list, looking for the lenders that have mortgages on these properties.

If you are looking for more Real Estate Investing strategies or are looking for big profit wholesale deals, visit http://www.PrimeRealEstateDeals.com There, you can receive a Free Report entitled “How To Buy Wholesale Properties Without Taking A Bath”. You can also sign up to be on our wholesale buyer’s list.

The 3 Secrets to Finding Hard Money Lenders to Fund Your Real Estate Deals

Finding the Best ISA Rates

Finding the Best ISA Rates

With UK banks offering some of the lowest interest rates in decades, those who have managed their money responsibly are being punished as their savings decline in value. The average AER of an instant access savings account is currently just 0.49%, while Bank of England governor Mervyn King has predicted that inflation will rise to around 5% in the coming months. Rates on individual savings accounts – also known as ISAs – are slightly better, yielding an average of 1.30% on a balance of £3000. Retirees and others who are dependent upon their savings for income must navigate the situation carefully or risk having their standard of living decline dramatically.

Unfortunately, it can be difficult to find the best ISA rates amongst the jungle of available options. Banks, which have an interest in promoting their own products, can’t be relied upon to give impartial advice. To add to the confusion, a whole host of non-traditional providers of financial services have emerged in recent years. With supermarkets and online-only banks offering seemingly endless places to stash your cash, the choices can seem overwhelming for busy individuals. In these difficult economic times, it is best to consult with an experienced finance company. While this may cost you money upfront, people with substantial balances could literally be saving themselves a fortune – not to mention a lot of worry and frustration.

Firstly, think about what your time is worth. Yes, it is possible to research ISA rates online; but considering the number of options out there, this involves a considerable time commitment. Worse still, securing some of the best rates requires adhering to numerous complicated conditions, most of which are hidden amongst the small print.

Are you really going to read through potentially thousands of pages of text from multiple institutions? If so, bear in mind that even a shrewd investor can easily miss details which could dramatically impact the rate at which their savings grow. For example, does the interest compound annually or quarterly? Is the bank offering what’s known in the business as a teaser rate, which will automatically be reduced to a less attractive return after a set period of time?

Whether you’re a working person or a retired person, you have undoubtedly worked very hard for many hours to accumulate your nest egg. Your money should now be working hard for you – not the other way around. Solid ISA rates are out there, but finding them shouldn’t become a full-time job. When it comes to making complicated decisions which will have a major impact on your financial security, seeking expert advice is an investment which will pay dividends for years to come. 

Do you need to find out more information about ISA Rates? Then come and have a look, we have amazing information on ISA Rates.

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Finding Direct Lender Payday Loans - What You Need to Know About Direct Payday Advance Lenders

Finding Direct Lender Payday Loans – What You Need to Know About Direct Payday Advance Lenders

There are several things that you should know when it comes to direct payday advance lenders, and the direct lender payday loans that they offer. You want to be sure that you are able to afford the payday loan, but you also want to be sure that it is going to be the best option for you.

First of all, when you are looking at direct payday advance lenders, you’ll find that the lenders are going to be more willing to work with you because of what they offer and because of the business that they are in. Remember, payday loans are often going to be easier for you to get than other types of loans will be, for the simple fact that they are going to have less paperwork, and aren’t going to have a credit check.

The eligibility criteria for payday advances are such that virtually anyone can qualify. If you have a computer and internet access you can apply right from the comfort of your own home. The main things you need are a job, social security number and a bank account. Each lender has own rules and requirements, and the details may differ sometimes to a large degree.

This means that you’ll be able to get them without as much hassle in most cases as some lenders’ rules are quite relaxed. This is part of why many people choose to go with this type of loan, because they simply need to get money quickly and don’t have anywhere else to turn.

There are some things that you want to be aware of, however, before you find direct lender payday loans from direct payday advance lenders. It is important for you to remember that these loans can be very expensive; the rates are going to be higher and there may be other fees that you might not have with other types of loans.

Therefore, even though you are going to be getting money in a much quicker manner, and although it might be easier to get the money, you will inevitably end up paying more for the loan.

This is the reason for finding a reputable lender, so you are not caught off-guard and end up owing more than you can afford.

However, in some situations, the money is going to be worth it to you. If so, you might want to consider this type of loan but tread with care. The most important thing for you to do is to remember that when it comes to finding direct lender payday loans is that you need to research all of the loans, and read the fine print before signing on the dotted line.

Need a payday loan today? Don’t get scammed! Check out reputable direct lender payday loans lending companies and find one that best fits your situation as well as nice first time discounts. David Kamau offers tips for self credit repair at his site and blog.

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Finding Direct Lender Payday Loans - What You Need to Know About Direct Payday Advance Lenders