Another New Loan Made

Just a day after starting a new hard money loan, my partner contacted me with another opportunity. This is another single family home, 1,900 square feet, 4 bedrooms, 2 baths. The outside looks nice:But the inside needs about $30,000 of work. The previous owner / occupants included 7 adults, 2 kids, and 3 dogs. And no stove. You can imagine what it looks like inside. The previous owner tried to sell...

New Loan and A Sign Of The Times

As I mentioned last week, I had two loans get paid off recently. A third loan, hard money loan #8, was just paid off yesterday. This loan was somewhat unusual in that it was actually carried to the full 1 year term. I don't have any information on if the property sold or if the borrower just refinanced to pay us off and he still is working on or trying to sell the place.So, with the exception of one...

Two Loans Closing This Week

Hard money loan #12 is closing today. This one only lasted two months. That’s the shortest loan I’ve made in a while, possibly ever. The borrower almost got a discount for paying it off so quickly. The standard loan note my partner uses generally provides incentives for early payoff if made within 30 days of funding or 60 days of funding. The 60 day cutoff was June 5, so the borrower missed getting a $3,560 discount by 3 days.Hard money loan #11...

Loans Closing and Things Looking Up

It looks like hard money loan #11 is scheduled to close next Friday, the 11th. All in all, my partner says the California area where we have our hard money loans seems to be a seller’s market right now. We’ve currently got four properties in escrow. A couple buyers backed out, but new buyers were quick to appear. I expect to have my other loans paid off soon.In multi-tenant property news, I received a nice detailed state of the market analysis from...