I am in a situation where I need a hard money loan of at least $25,000 for 3-6 months. I own several rental properties free and clear and can use one or more of them as collateral. In fact, I have one of my investment properties under contract to be sold in mid-late November for $66,000. However, I need the $25,000 before then to close on another property or I will lose my $3,000 earnest money (this is an reo and the bank refused to grant an extension on closing). I currently own over $200,000 worth of rental properties free and clear and can use any of them as collateral. However, I am looking for a loan that can be funded very quickly as I need the funds to close on the property in ~2 1/2 weeks.
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