Doral Financial Corporation Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2010

Where the rich can go when they need a loan
Scotiabank has stolen the march on its rivals in the race to provide simplified lending to the 1.1 million Canadian families with net worths of $1-million

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Buy-to-let boom? 1 in 3 landlords to increase size of property portfolio
The increase in demand for rented homes, combined with a shortage of properties, pushed rents up to a record high of £689 a month in September.

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Doral Financial Corporation Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2010
Reduces Non-Performing Loans $90.7 Million in the Quarter; Capital Exceeds Well Capitalized Benchmarks

Read more on Marketwire

Does anyone know of any hard money lenders in Florida that are really lending on rehab properties?

Hard Money Loans: A Great Alternative to Traditional Financing

Over the years, real estate investing has provided great career opportunities for dozens of people who have taken advantage of this prolific business. To succeed in this industry, however, you must take certain things into careful consideration. You also have to equip yourself with proper knowledge and information to make sure that you won’t commit costly mistakes that would affect your integrity as a real estate investor. One of the things you should do to ensure your success in real estate investing is to find a good source of funds. You can approach banks and other lending institutions, such as credit unions and mortgage companies, for your financing needs. As long as you can meet the criteria set by these financial institutions, you can obtain funds for your investment properties. But what if you were unable to secure a loan from traditional lenders? What happens next? Fortunately, there is an alternative to traditional financing called a hard money loan. Unlike those provided by banks, mortgage companies, and credit unions, hard money loans (HMLs) are asset-based. Lenders of HMLs verify a loan’s eligibility by assessing the after repair value, or ARV, of a property, which serves as the collateral. Because hard money loans are asset-based, lenders are not concerned about a borrower’s credit history. They don’t care if the borrower has a bad credit score or if his current financial status is unstable. As long as the property, for which the loan is made, has a potential to attract a great deal, lenders will provide the borrowers with the funds they need. One advantage of securing loans provided by hard money lenders is that borrowers don’t have to undergo credit checks. In addition, they don’t have to deal with a processing team, which is a common procedure in traditional financing. Because of such a scenario, the releasing of funds can be done in just a few days. Borrowers don’t have to wait for weeks or months just to acquire the money they need. According to certain experts, it is ideal to use hard money loans when purchasing investment properties. Lenders of HMLs sometimes provide 100% financing on some deals, which is something that a traditional lender can’t do. In addition, some hard money loans provide coverage for repair costs, which is perfect for those who buy and rehab homes for profit. To find hard money lenders, you can join the local real estate investing club and ask your fellow real estate investors for referrals since most of them have experience working with these people. Settlement attorneys can also provide you with a lead to a hard money lender because they are the ones who prepare loan documents for lenders of HMLs. You can also gain access to trustworthy hard money lenders on RehabHardMoney.com. Because the web site brings together HML lenders and borrowers from many parts of the country, finding a good source of funds for your real estate investing business is just a walk in the park. To learn more about hard money lending, visit www.RehabHardMoney.com

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Woodbridge Virginia Hard Money Lender – Rope Ct

Woodbridge Virginia Hard Money Lender We are a Woodbridge Virginia hard money lender. This is an update video for a property we’re doing a loan on. For more information visit www.hardmoneybankers.com

Hard Money Lenders (part 4 of 4)

“People just like you frequently say to me,’You have the best business in the world.’ because your business grows when mine does…

With hard money lenders, each and every deal you do is on trial. A hard money lender relies on their skill and knowledge in lending. Consequently, while they will lend on the value of the property rather than the purchase price of the deal, they often do it in a very small geography. What this means is, you have to find a local hard money lender for every area you want to invest.

Private money partners, like you the investor, are happy to live where they want andinvest where it is best.

A Private Money DealBefore showing you a sample of private money partner arrangements, there are some differences in using a private money partner you should know.

A private money partner is going to be both the least expensive and the most expensive money you use. It will be the least expensive because it will be the easiest to access; you will save a lot of time working with me over trying to do creative finance and get blood from a rock, (conventional finance) and paying fees on 100% of the deal, or hard money lenders who you must find in each area you invest.

Basically, I will do it all for you and I will do it as a partner.Consequently, it may be some of the “most expensive” money you use. After all, if you and I are 50-50 partners, half of the profits are yours, and the other half, mine. That can be a lot of money for both of us. And it will often be more money than you would have had to pay a bank. Of course, the real cost to using bank financing is the lost profits on the deals you can’t do. That’s the other way in which you’ll find private money to be the least expensive option. With this understanding, let’s put some numbers to a real opportunity.

A Real OpportunityLet’s say you find a $450,000 property with $330,000 in total debt on it. Of that debt, $13,500 is in arrears and due right now. The property also needs $20,000 in repairs. You start with creative finance and you get the seller to sign a purchase agreement on the property for what is owed on it (you’re assuming the mortgage).

At this point, you and I would enter into an agreement so you can keep the deal and not have the bank foreclose, I would write a $13,500 check to the bank to catch-up or reinstate the loan. Further, because you said it would take you 3 to 6 months to exit the deal, I agree to pay the mortgage payments for up to 6 months. At this point, you use your skills and abilities to generate a profit for both of us. Consider these different approaches. Perhaps you have a list of wholesale investor buyers. They plan to rehab it themselves and agree to pay you $20,000 and assume the mortgage. Let’s say this takes less than 30-days. Then, at the closing table, you would return the $13,500 so we can use it for future deals. That leaves $6500 in profits. Because you moved so quickly, our agreement says my piece of the pie is 25-percent of the profits, or $1625. Now, that’s a nice return on investment for me; I earned $1625 out of $13,500 invested after a few weeks of marketing. That’s a 12-percent cash-on-cash return-on-investment. It’s even better for YOU. Your return on investment cannot be calculated because it’s infinite. You had nothing at risk in the deal.

Okay, let’s consider a different exit strategy. Say you couldn’t find a wholesale buyer willing to offer enough. So, you move on to plan b which has already been agreed upon in our agreement. In this case, I write a $20,000 check for the materials and labor to finish the rehab work. After 3 months, and another $7500 in mortgage payments, the property sells for 90-percent of fair market value ($450,000 * 0.9 = $405,000). This time here’s what happens; about $316,500 goes to pay the balance of the loan. Next, $41,000 goes to repay the private money lender‘s funds. That leaves $47,500 in profits. That means you make between $23,750 and $35,625 and you did it with none of your own money. Heck, even if you use a realtor to sell the property, there’s almost $20,000 in profits you split. As you can see, the total size of the pie you divide with the private money partner depends on what exit strategy you employ. Because of the importance of exit strategy, private money partners will want to know your plans, your alternative plans, and after agreeing with the plans will want to get out of your way and let you do the active part of investing without their interference.

Basically, when you learn to use a private money partner, you’re able to make a whole lot more money because you can do more profitable real estate deals and waste less time in the area of real estate finance.

Copyright 2009 Kathy Strahan

Loan Modification Secrets

This ebook show the homeowner from beginning to end to qualify for a modification, also allows the homeowner to ask the writer online questions concerning their modification or gerneral questions
Loan Modification Secrets

Federal officials “optimistic” about $100 million loan guarantee for Museum Plaza

BREAKFAST DEALS: Will BHP opt for oil?
With PotashCorp hopes dashed, will BHP opt for a share buyback or turn to oil and gas? Elsewhere, did Packer foil a Falloon privatisation plot? 5 Nov 2010 7:38 AM

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Race to get tough on banks over rates
THE opposition has sought to flush out government plans for taking on the banks by revealing its legislation to clamp down on collusion over the setting of interest rates.

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Federal officials “optimistic” about $100 million loan guarantee for Museum Plaza
The downtown Louisville Museum Plaza skyscraper complex is getting encouragement from federal officials who will decide whether to guarantee $100 million in loans.

Read more on Louisville Courier-Journal

Hard Money Lending Seminar

www.pitbullmortgageschool.com Pitbull Mortgage School trains mortgage brokers and hard money lenders how to succeed in the hard money mortgage business. We also teach how to create a mortgage pool and and profit from the residual income associated with becoming a hard money lender.

These Dividends Are Done

As VIX Plunges, Goldman Correct On First Leg Of FOMC Knee-Jerk Trade; Will Its Other Prediction Of SPX At 1,125 Also …
Yesterday Goldman recommended two trades on how to trade the post-FOMC trade: the first, was to sell vol. With the VIX plunging this trade is now solidly in the money. The second leg, the medium-term one, buying S&P November 1,125 puts, i.e., preparing for a subsequent market sell off, has yet to materialize. And with the euro now at nosebleed levels for Europe, expect to see some fireworks from …

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Canada to sell 20 per cent of its stake in GM
TORONTO – The federal and Ontario governments will sell 20 per cent of their stake — up to 30 million of their shares — in General Motors, Ontario’s finance minister said late Wednesday.

Read more on The Canadian Press via Yahoo! Canada News

These Dividends Are Done
Don’t buy these stocks expecting payouts.

Read more on The Motley Fool

How To Find Hard Money Lenders

If you are looking for a way to fund an investment in real estate, you should sign up for the services of hard money lenders. Unlike their traditional counterparts, these creative financiers offer loans that are mostly suited for a real estate investor like you. In addition, they can provide you with the funds you need regardless of your creditworthiness.

The type of loans being offered by hard money lenders is asset-based. To verify the eligibility of a loan application, these financiers assess the after repair value (ARV) of the property being offered as collateral. If they feel that the collateralized property can attract a good deal after all the necessary renovations have been carried out, lenders of hard money will provide you with the funds that you require.

Hard money lenders are mostly private individuals or small lending companies that wish to make profits by financing real estate investments. Unlike banks and other institutionalized lenders, they don’t have storefront offices nor do they advertise their services using glaring neon signs. So if you want to find a lender of hard money, here’s what you should do:

Lenders of hard money can definitely make an impact on the success of your real estate investing projects. If you want to learn more about them, log on to www.RehabList.com.

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