Thursday, February 24, 2005

Private Money Lenders

I am looking into purchasing some pre-foreclosure townhomes in my area. I do not want to use institutional lenders for this (i.e. banks) since they are too slow and aren't typically interested in these smaller loans. I am in search of private money. While this includes hard money loans, I am MORE interested in individuals with $20K to $130K to loan. You will get a high return on the money, even if I only use it for one week; maximum hold time would be 12 months. This will be a first mortgage and fully backed by the real estate at a LTV of no more than 70%.