Monday, September 30, 2013

Two Loans Closed

My hard money loans numbers 25 and 26 have been paid off. Both of these loans went the full 1 year term. The borrower has paid off the loans, but I'm not sure if it was from selling the properties or from refinancing them to convention mortgages.

Things seem to be slowing down. My partner manages about $6 million in hard money loans and he currently has close to $1 million sitting around waiting to be invested. Our biggest borrower is not borrowing as much as he used to. He thinks people are paying too much for foreclosures these days. Because he specializes in bad neighborhoods, he wants to make sure he doesn't overpay, so he's becoming more selective about the properties he buys. Also, the inventory of foreclosures is starting to shrink a bit.

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