Quote:
Originally Posted by KYWildcat
I am currently a residential real estate appraiser. I think I know something about my local market. I am a "hard money" lender. I currently have five (5)
1st mortgages that are 1-3 year notes with the entire principle payable as a baloon at the end of the specified term. My requirements are simple, 2-3% closing cost up front, 11.99% interest only payable on the 1st of each month. No greater than 60% loan-to-value ratio. I am the 1st mortgage! Also, I must inspect the property and do my own internal appraisal report. (to myself). No appraisal fee required! Must be properties that I would personally be comforable in.
I have turned down many request. The request are presented to me by a couple of mortgage brokers that I do business with. The typical borrower is someone that has a recent mark on the credit score, has a long term job employment history and can restore their credit score in a year or two. All of my borrowers have been great as far as payment history. Only one paid late a couple of times but my late charges went out and she got the message. She paid the loan of $160,000 off about 18 months ago.
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I've carried lots of mortgages over the years,but only on property that i own and have sold.Your terms and interest rate would be extremely difficult for me to accept,but there are desperate people out there and you fill a need.Have owned Vanguard funds forever,but my returns have not been great,so i own mostly blue chip companies that pay attractive dividends.I realize that my aggressive portfolio is risky,80% stocks 20% bonds, but it's paid off bigtime . Plus, it doesn't hurt that 2 of my kids,a son and daughter, are investment bankers in NYC,and give me advice constantly.I usually listen to them,but my son was very high on Steve Jobs and Apple 5 years ago,but i didn't invest because it paid no dividend....................not smart
