Hard Money

[brianb_cobbres]

I was doing some research on hard money when I ran across http://www.investwell.com. What got my attention was a press release about Home Vestors (the we buy ugly houses folks) and how HV was recommending Investwell to their network.

Their program seems simple enough.

At the very least I suggest all newbs read through their site and look at their programs and loan application. It gives you good idea of how the hard money world works.

Does anyone have experience working with Investwell and wish to share their experience? Any input would be greatly appreciated.

Brian

[brianb_cobbres]

So, no one knows Investwell or has worked with them? Please if you have heard anything I really need to know.

Thanks

[Dan Auito]

I for one have not heard of them Brian. And I have heard and seen many! :cool:

[Jim FL]

Brian,
I've never used them, because frankly, for money, going local is ALWAYS cheaper.
However, based on what I read with regard to their programs offered, and the 'qualifying' for each, is pretty much on par with industry standard.

There are several hard money lenders who lend all over the country, and tons who do so locally, many who are just single private investors with funds or credit lines.

I know locally, I can get hard money for as low as 10% here, IF the buy LTV is very low, as in 50-60%.
IF the LTV is 65-70%, then I'm paying between 13-15%, depending on 'who?' I use.

Check locally for lenders, usually your local REIA will have a list, and many are even members.
Aside from that, the national ones, ready mortgage, statewide, Brookside, and apparently investwell all seem to have the same loan program structures, or very close to one and other.

Just my two cents, keep the change,
Jim FL

[brianb_cobbres]

Maybe this will help

UMTH Lending Co. dba InvestWell
(The new name for Wonderfunding, Capital Reserve, Ready America Funding and Ready Mortgage)

Looking for input because they just pre-approved me and I want to make sure I am not stepping into a big pile of you-know-what.

Pretty standard looking hard money deal.

Brian

[loans2investors]

I know them very very well.

I refer many many investors to them.

In fact I am going to have a link on my web site when it is finished so if you want to use them please come to me directly.

I have a program through them that will alow you as investors to have a line of credit so that you are not continuously looking for more and more hard money lenders with each property

I also say they are not the only answer because they do have some limitations such as 70%LTV or you must have a population of at least 150k in the county that house is in also they have a credit fico limit of 560 so in some cases you need to go else where

I have HML that truely do not care about credit score, they don't care about population and some will actually lend up to 80% LTV.

Laura Richins
801-417-0077
richlaura@comcast.net