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Hard Money Loan?

There are a ton of foreclosures going to auction in my city.  However the Public Trustee requires certified funds for at least one dollar over the lender bid, with total overbid payment by close of the business day.  Will a Hard Money lender issue a check prior to the auction? If so what is the process for securing this type of loan?

Typically the auction results are about 60-70% of the market price of the neighborhoods.
  • April 03 - US
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Answers (2)

I am a direct hard money lender.  Unfortunately hard money lenders, myself included, do not issue checks for foreclosure auctions.  Unfortunately at an auction there is no way to simultaneously record a mortgage, deed, etc... to secure the funding.  After a sale (or prior to a sale) we can do a loan on the property.  Unfortunately if you are buying at auction you will need cash and then can turn your cash with a subsequent loan.  Good luck
  • April 11
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It is unlikely they will issue any check without knowing what property it will be secured by, but just for the sake of understanding your objective, how much of your own money would you intend to contribute toward the purchase and what price range are you intending to bid for?
  • April 03
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