We are in escrow which closes early January but our current hard money lender fees are ridiculously higher than his GFE. We need someone to step in. Here are the facts.
My wife and I have credit scores of low 600's due to a foreclosure on a neg am loan about a year ago. We didn't understand how the loan worked and simply bought a house way too high. It hit the 110% cap and we were done for.
We have 15k debt in student loans and that is it. No credit card debt or car loans.
Property is 124,900 in Upland Ca. (already appraised and inspected) and we have enough cash to do a 35% down payment plus escrow fees/closing costs.
We are both employed and gross 60k a year.
We are nice responsible people who can easily afford a loan of this size.
So we need a hard money loan of approx 80,000 (65% value) We are willing to pay a very high interest rate with a pre-payment penalty.
I have an 85% private lending program but, because of the time limit to close your loan there wouldn't be enough time to close to close I need ast least 30 days.
