5 Ways To Find Hard Money In Your Area.
Category : Hard Money Loans
Ask a Real Estate Agent
Real estate agents are probably the best source for tracking down hard money lenders. While not every agent will personally have contacts with hard money lenders, the agents that move a lot of bank REO’s probably do. Keep asking agents until you find one that can get you connected with a hard money lender.
Ask a House Flipper
A great source of finding good hard money lenders is simply other investors doing the same thing. You can find other flippers by tracking down who is buying many of the “fixers” in your area via a real estate agent or country records.
Newspaper
Some newspapers include a section titled, “Money to lend.” Often times a hard money lender will use this area to advertise for their business. Remember – a hard money lender needs you as much as you need them.
Craigslist
Over the past several years, many hard money lenders were forced to take back a number of properties in foreclosure. I personally know several hard money lenders who are using Craigslist to sell these foreclosed properties. Look for “For Sale By Owners,” and “handyman specials.” You may need to sift through a large number of duds but don’t get discouraged – it only takes one to fund a deal.
Mortgage Brokers
Mortgage brokers are individuals who get paid to find you a loan. They don’t simply work for one institution but rather have the ability to search multiple sources to find the best fit for you. Most mortgage brokers do not have contacts with hard money, but some do. Note: this may be a more expensive route to take, as often times the mortgage broker’s fees will be added to your costs.