Money? Loan?

May 18, 2008 by T Saw | Posted in Personal Finance

Im 19 years old, college student. can i get a loan from the bank and place it in saving account? Is it a good idea? where else can i get money to invest except of banks? Thanks Alot

Not a good idea to take a loan from a bank for the purpose of investing. I do not believe that a bank would loan you the money for that purpose anyway. The reason that it is a bad idea is because the interest that you will have to pay back on the loan in not even close to what the money would earn in the savings account. Most people I know that invest money work for it or they have borrowed it from family. They also invest in the stock market.

What is a hard money loan and how do you use one?

Mar 01, 2008 by roc_stahr | Posted in Investing

I was at a real estate seminar recently and they mentioned using a hard money loan to start off immediate investing with no money down. I have not heard of this option before and was wondering if it could be explained to me.

I have poor credit and no money, who would loan money for me to invest in flipping houses?

Mar 17, 2007 by L H | Posted in Investing

I am interested in purchasing investment properties below market value, rehabing them, and selling them as affordable housing. Is there a company out there that would finance me with a hard money loan or a bad credit/no credit loan?

Your chances of gaining financing with BOTH poor credit and no available funding is quite slim. Given the recent public issues with sub-prime lending firms, criteria for issuing loans are probably going to become more stringent than they were previously. Should you find financing, also use caution in selecting a property with which to work. Contrary to much of the television advertising being shown, purchasing a decent property at below market price is not nearly as easy as it is advertised.

Where can I find a hard money loan in TN?

Aug 18, 2008 by Kevin H | Posted in Credit

I would like to get a hard money loan or a secured loan using my mobile home as collateral. I want to borrow $9,000 to use to start a business. My credit is bad but I have a mobile home that is paid off, that I could use as collateral. Does anyone have any information on where to get this kind of funding?
Thanks!

You're attracting the scammers thick and heavy... You need to fix your credit before you go for a loan, have a business plan and show you are going to be a good risk... Right now, you can't... Here are some tips for determining whether a loan is legitimate or a scam:
1) They don't use a free email address (yahoo, gmail, hotmail, live, etc)
2) They have a secure website you can go to to fill out their application (this isn't 100%... do a search with the company + fraud and also + scam... and check the BBB)
3) They don't require ANY fees upfront. Any fees will come out of proceeds of the loan (scammers want their fees via Western Union or Moneygram)
4) They have a REAL address you can send mail to
5) They have a REAL phone number, not a cel phone
6) Look at their profile - usually created in the last 48 hours. Why? Because they get reported for this, yahoo deletes the accounts, so they just open a new one and send again until they are deleted once more!
7) If you're STILL not convinced, despite one or more of the above applying, check them out for yourself: http://www.nextwebsecurity.com/LocationTools.asp allows you to search for their IP... turn on your full headers and check each one of the IP's in their email to you! Or check the data base at: http://www.419legal.org/ ...if nothing shows up, post your email under: http://www.419legal.org/fradulent-email/ and a professional will check them out for you... (please include FULL headers minus your personal information)... Once you've checked them and are convinced they are scammers, please forward a copy of their "loan application" to abuse@yahoo.com, abuse@hotmail.com, etc

Fastest way to obtain hard money loan secured by real estate and where?

Aug 08, 2007 by synerbaby | Posted in Renting & Real Estate

I need a very fast hard money bridge loan and have $500k equity spread over 3 properties. What would be the best way to structure a request to obtain a quick hard money loan, terms that would help obtain it, and what is a good source or place to advertise for this?

Haven't needed this kind of loan in a long time, but back when I did, even then I remember the larger shops all advertised on the internet. Try here

http://www.reiclub.com/hard-money-lenders.php

Unfortunately I have been out of this to long to give specific recomendations but some simple web searches should find you all the sources you need.

Still, I'd advise to try getting this through a smaller local bank unless you absolutely need it now. Even if you only have a few days, if the numbers are compelling a bank can probably do the deal.

hard money business loan for inventory and working capital?

Oct 05, 2007 by debr | Posted in Small Business

I am looking for a hard money loan to purchase inventory and to rent a kiosk in the mall for the holidays for my business. I have tried the banks and they say my credit score isn't high enough or they would like to see more cash flow. I have high margin inventory as much as 80% profit margin, so I can turn the inventory quickly. Just looking for a company that will lend the money quickly. Please only legitimate answers.

Can I do a bankcrupcy and add my hard money loan?

Sep 18, 2008 by Love | Posted in Credit

I have a hard money loan against my dads commerical property under my name and I cannot afford it anymore ...do you think I can do a bk on the hard money ? thats a lien against my dads commerical property ?

Oh Lord,

Please smite these evil spammers and banish them to a far away place.

May the fleas of a thousand camels infest their armpits! I wish Yahoo would do something.

Anyway, unless you reaffirm the debt they will foreclose on the property. You can't just excuse this loan and expect them to let you keep the property.

How do I loan money from the bank to open a small business?

Nov 20, 2008 by crazygirl | Posted in Small Business

I want to open a little fashion retail store that cost about $100,000. What is the requirements I need to have so that the bank can loan me the money. What documents and information will they need from me for this loan?

Now's a bad time to get a loan as the credit market remains very very tight (meaning banks are hardly lending except to those with very good qualification criteria)

Some banks extend what they call "small business lines of credit" often through credit cards. Those are easier to get and can be based on your credit history alone. They typically are up to $100,000.

For example, Wachovia's has various business lines of credits http://www.wachovia.com/small_biz/page/0,,446_612_1399,00.html Their business line of credit can even be approved overnight,

However, if you're applying for a loan and if it is a big amount, banks and even the SBA may consider other factors aside from your business credit:

- A business plan explaining what the business is

- Your background and experience in the business -- in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don't have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you

- Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application

- Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can get payment from you

- Condition or terms of loans. Banks would want to know three important things: "How much money are you requesting? What will it be used for? and For how long will it be needed?" Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if things fail.

When you loan money to someone with the promise of a good interest return, is that considered as investment?

Dec 29, 2007 by JLV | Posted in Investing

If I loan some money to a company like Minvestment, which would give me a fairly good return in interest, can I declare this as money invested like I would for mutual funds for example?

If you invest money with Minvestment you can declare it as a loss when you lose all your money. The site looks like a scam to me. They are offering over 2% interest a day. (not 2% a year, 2% a day) No one can honestly offer rates that high.

However, hypothetically, if they were not a scam, you would consider it an investment. The interest would be reported on your taxes as interest income.

How do you loan money to your own business?

Nov 09, 2007 by Kari | Posted in Small Business

We are looking at buying an existing franchise. The franchise currently has a loan. My husband and I want to start an LLC and then loan the LLC the money to buy the franchise. Can we do this? If so, how do we do this and who should we ask to help us?

Thanks in advance!

I would suggest going to a CPA or Business Attorney before you make this decision. What has me concerned is the 'franchise' has a loan? What happens to the underlying loan once you get a loan to purchase the franchise?

Get professional legal help before you get tangled up with this one.