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ag957
492 Posts |
 Posted - 10/11/2008 : 08:45:01 AM
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Anyone care to share what their experience is and what they are predicting for the future re: hard money - especially in California? For us, the quality of the deals are far greater than ever before ( better borrowers, better properties, better ltvs )... at the same time, the volume of deals has lowered as we have raised our standards for underwriting and funding. No question we are busy and feel opportunities will continue to present themselves - just wondering if we'll see the huge crush of fundable loans and business we were all sort of expecting to happen that hasn't yet.
Art Gilberg
Trust Deed Investments, Inc - Direct Hard Money ( residential and commercial )
San Francisco, Ca
Tel: 415-760-2338
Email: agilberg@aol.com
Blog: http://hardmoneylender.activerain.com |
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shall1432
20 Posts |
Posted - 10/11/2008 : 11:05:21 PM
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Art,
I am in FL and that's all I am currently doing. These are easy loans since the guidelines are lienient and they close quickly. Here it takes 7-10 days to close.
I am loving it and think the business is about to boom due to the credit crunch.
I do HARD Money in all states. Rates starting around 10% Int.
Sanford Hall
1st Continental Mortgage, Inc.
561-201-6225
shall1432@aol.com
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crankyusi
658 Posts |
Posted - 10/12/2008 : 08:38:22 AM
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quote:
Originally posted by ag957
volume of deals has lowered as we have raised our standards for underwriting and funding.
Can you provide the latest info on the most recent deals you've closed so we can get an idea of where you're at? Maybe mention the deals you viewed as "riskiest" so we can get an idea of where your limits are...
Thanks. |
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808
2510 Posts |
Posted - 10/12/2008 : 09:27:21 AM
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Hard Money is what is keeping me alive right now. But as you've noticed the guidelines are getting tougher and the lenders fewer in FL. Look what Emigrant just did to their guidelines in FL last month. I dont know how they'll be able to approve any loans espc the way their appraisal review dept chops up your pproperty value.
Nov 1, 2009 will be an important date for Hard Money, that's when all true Stated Income products are suppose to be eliminated the way it stands right now and I dont see bank stmts working too well in the Hard Money arena. |
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aduncan
86 Posts |
Posted - 10/12/2008 : 10:56:44 AM
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| I need a lender for a owner occupied in Delaware 50% LTV. Must close in 7-10 days got full package. |
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clarenceworley
4200 Posts |
Posted - 10/12/2008 : 4:07:09 PM
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| I have a guy in Delaware, whereabout in De and what loan amount? |
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clarenceworley
4200 Posts |
Posted - 10/12/2008 : 4:07:19 PM
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| I have a guy in Delaware, whereabout in De and what loan amount? |
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aduncan
86 Posts |
Posted - 10/12/2008 : 4:22:00 PM
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| 50% LTV 210,000 Hockesin |
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ag957
492 Posts |
Posted - 10/14/2008 : 08:55:40 AM
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quote:
Originally posted by crankyusi
quote:
Originally posted by ag957
volume of deals has lowered as we have raised our standards for underwriting and funding.
Can you provide the latest info on the most recent deals you've closed so we can get an idea of where you're at? Maybe mention the deals you viewed as "riskiest" so we can get an idea of where your limits are...
Thanks.
An example of a recent closing was a commercial property in downtown SF where the borrower owned the property free and clear and needed funds to complete interior work. It was a relatively small loan 300k and value of property as is 600-700K - borrower had paid cash for the property several years ago so had plenty of skin in the game and had excellent credit - just no way he was going to get a bank to lend him funds for construction completion so thats how he came to us.
An example of a risky loan I just turned down - a 2nd on a SFR property - value $3M - 1sts TD is 850K - borrower looking for $1M 2nd - LTV was around 60-65% - good credit borrower w/ weak income ... property is very nice but in a market that could see some softness - took a pass...an example of how 2nds are really in disfavor right now.
Really - its all about getting deals w/ lower LTVs ( less than 60% ) - anything proposed w/ higher LTVS w/ a whiff of "hair" on it will get shot down pretty fast.
That being said - if you have a deal in California - go ahead and run it by me... I try and give a fast yes, no, or maybe.
Art Gilberg
Trust Deed Investments, Inc - Direct Hard Money
Tel: 415-760-2338
Email: agilberg@aol.com |
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