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Answers (5)
- Dan Howitt, "Westmoore Group"
- Contributions:7
Yes, we do them. It's not the true definition of hard money, but similar. Good luck!
Dan Howitt
The Westmoore Group, LLC
Dan Howitt
The Westmoore Group, LLC
- Todd Wilson, "Private Money Todd"
- Contributions:6
I know this is a little late but I just ran across this post.
Anyway, yes there is private money (aka hard money) for owner occupied properties. In fact, we still do private money loans on owner occupied properties in Northern California.
The main reason that most private money lenders will do these loans is the current restrictions on lending. These regulations limit what fees can be charged and they limit some of the terms, such as prepayment penalties.
When looking for this type of financing, you may still find some who are doing it but not following current guidelines. You may find some who will charge 6 points or more, do loan terms of 1 or 2 years and offer a loan with a prepayment penalty without offering an alternative without a penalty.
None of these are allowed on owner occupied loans that fall within the high-cost loan parameters, which most private money does.
Anyway, yes there is private money (aka hard money) for owner occupied properties. In fact, we still do private money loans on owner occupied properties in Northern California.
The main reason that most private money lenders will do these loans is the current restrictions on lending. These regulations limit what fees can be charged and they limit some of the terms, such as prepayment penalties.
When looking for this type of financing, you may still find some who are doing it but not following current guidelines. You may find some who will charge 6 points or more, do loan terms of 1 or 2 years and offer a loan with a prepayment penalty without offering an alternative without a penalty.
None of these are allowed on owner occupied loans that fall within the high-cost loan parameters, which most private money does.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
Yes, not as many as there used to be, but still exists. A local mortgage broker would be your best chance to find one for your area.
- Brian Kelly, "BrianJKelly"
- Contributions:4
Never heard of that.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
You need to search. Many have done as we have. We stopped doing owner-occupied, primarily due to the massive regulations on owner occupied property, that do not exist on other types of ownership. .... Happy funding, Rudi
Are there any hard money lenders out there for Owner occupied?
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