Let's begin by briefly explaining what a hard money/equity lender is. These lenders are often private individuals but could also be companies. They lend based on the properties After Repair Value (ARV).
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They are great for investors who cannot get conventional loans due to the property's poor condition. If the property requires a new roof, conventional lenders won't fund the loan. However, a hard money lender may be able to finance it if the property has been purchased at a significant discount.
Hard money lenders allow buyers to quickly purchase distressed properties that need work. This is an advantage over buying wholesale.
These are the best ways to find these lenders in your locality:
1. Networking – Get to know other investors in your local area who are using their funds to fund deals. Attend investor meetings. It is possible that your local REIA has a corporate sponsor, and, if so, there will be at least one hard-money lender among those sponsors.
2. Internet – There are many ways to locate these lenders online. You can start by searching on Google. Social networking sites are a great resource for finding hard cash in your local area.
3. Data Provider – Finally, there's a way for hard money lenders to be found using the power and influence of a list provider. Make sure your data provider is able to provide you with the name(s) of each mortgage holder.
You might limit your list to properties you are most likely to fixer-uppers. This will prevent you from buying more expensive or newer properties.