Profile picture for 37211tn

need a hard money loan

nashville tn- I need a hard money loan to buy a hud reo at 1/2 market value and then do a double closing,Put tha house in a reverse mgt for me to live in...thanks larry 615 308 0129 between 5am and 10 pm 24/7...
  • November 22 2009 - Nashville
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Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (7)

Profile picture for sunnyview
I flag contact blocks and commercial hotlinks routinely to try to help. There are some posts that sneak through flagless, but there are a lot of posts on the board. I'm sorry that you felt picked on. As much as I don't like contact info in posts, you are certainly not bad. In that spirit, I will make sure to tell Santa that I think he should put you on his nice list this year. Happy holidays to you and yours.

 

  • December 04 2009
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Hello Sunnyiew,

I looked over several postings before I put my contact information here. I guess you pick and choose who you flag because before I posted, there were dozens of other postings with contact info.

I have to admit I didn't think it was an issue since I noticed so many other post with contact information. Now that I know it is, I am glad to abide by the "rules". 
 
I would think someone who doesn't follow the rules all the time would look bad... Being on the bad list for one post seems a little over the top....
  • November 30 2009
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Profile picture for sunnyview
Hello Mr. Anthony and Mr. Mike. What don't you understand about not posting contact info in your posts? It is against Zillow policy here and since you are bother lenders you already knew that. Please follow the rules. Not following them make you both look bad.
  • November 23 2009
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You can now use a Reverse Mortgage to purchase a home. Avoid paying closing cost twice and use a reverse mortgage to purchase.

You have to be 62 yrs or older. The reverse mortgage for puchase is not available in Texas yet :(  but hopefully will be soon. It is available in most other states.


Feel free to contact me with any questions.


Anthony
[content removed by moderator for being self-promotion]

  • November 22 2009
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Mike: no contact info in your post.
  • November 22 2009
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Hi Larry,

I'm assuming you've seen the HUD home you'd like to purchase?  In that case you may want to discuss your plans with your Realtor and a local title company that he/she recommends because I'm not sure what you're thinking about doing is feasable.  The amount you can borrow on a Reverse Mortgage is based on your current loan amount, current interest rate (which is going to be very high), the home's value, and your age.  Here's a good reverse mortgage calculator to estimate what you might be able to borrow:[content removed by moderator]

Also is it worth the huge expense of a hard money loan?  Rates are generally going to be in the 12-15% range and they charge high closing costs when you purchase the home.  FHA has some interesting options for rehabbing a home as long as your credit scores are above 620 and you have 3.5% of the purchase price to put down.

If you don't have an agent please feel free to call me to discuss....

Mike Burchyett
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  • November 22 2009
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Log onto www.reiclub.com, there you will find a list of HML
  • November 22 2009
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