Hard Money Loans

Miami, FL, United States (AHN) – The Florida Lottery broke a new record with 47 top prize winners Monday night in the Fantasy 5 game. It also marked the first time in the state’s history the game had five consecutive numbers picked in a row.

According to Lottery officials each of the 47 tickets matched the five numbers drawn on Monday. The winning numbers are 14-15-16-17-18.

Each of the winning tickets is worth $4,581.74.

Nine of the winning tickets were bought in Miami-Dade County, and six others were purchased in Broward.

Monday’s drawing also set a record as the most number of Fantasy 5 winners since 2001. That year the Fantasy 5 matrix was changed from 26 to 36 numbers thereby making it more difficult to win.

505 other tickets that were bough that had four matching numbers will receive $68.50. Another 9,439 tickets matching three numbers won $10 each, and 91,855 tickets won a Quick Pick for picking two numbers.

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Atlanta, GA, United States (AHN) – The Drug Enforcement Administration confiscated Georgia’s supply of a substance used in lethal injections on Tuesday amid allegations the drug, sodium thiopental, is expired and was illegally imported by the state.

The DEA has not released details of the seizure but a spokesman for the federal agency, Chuvalo Truesdell, told the Atlanta Journal-Constitution they “did take control of the controlled substances… [over] questions about the way the drugs were imported. “

Sodium thiopental is one of three drugs administered to inmates during executions. It acts as a sedative that causes unconsciousness before a muscle relaxant is injected to cause paralysis, and then a compound that induces cardiac arrest is given.

The only U.S. manufacturer of the drug, Illinois-based Hospira, stopped production in January, citing export regulations in Italy, where its plant is located, and reiterating that it “never condoned” the use of the product for capital punishment.

Before its announcement, Hospira had suspended production of the thiopental for a year because of difficulties in procuring an ingredient for production. This led to delays in executions in several of the 33 states that use the drug.

Early this year, attorneys for death row inmates in Georgia sent a letter to the U.S. Justice Department accusing the state of illegally importing the drug. They said the state Department of Corrections was not registered to import substances and had not provided the DEA with documents when it bought thiopental from overseas last year.

The Southern Center for Human Rights also sued the state on behalf of an inmate who has since been executed, Emanuel Hammond, after discovering that officials had purchased thiopental from Dream Pharma, “an unlicensed company operating from a back room within Elgone Driving School in London, England.”

The boxes of the drug sold by Dream are labeled with the name Link Pharmaceuticals, according to the human rights group. Link was acquired by another company in 2006, which raises questions if the products sold in 2010 “are real and/or expired.”

Following the seizure on Tuesday, a spokesperson for the Georgia Department of Corrections, Kristen Stancil, told FOX5 the state requested DEA assistance after a letter was sent to the U.S. Justice Department.

“We are working with the DEA to see if we are in compliance for the way we handle controlled substances,” she said.

The shortage of thiopental has forced Oklahoma and Ohio to use an animal sedative, pentobarbital, for lethal injections despite questions whether the drug is safe and effectively eliminates pain among humans.

A Copenhagen-based maker, Lundbeck, has also objected, saying, “Use of our products to end lives contradicts everything we’re in business to do.”

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Concord, CA, United States (AHN) – Normal service resumed on Monday at the Bay Area Rapid Transit’s Concord station following a derailment the previous day.

BART and the state Public Utilities Commission are still investigating why two cars of a 10-car train came off the tracks Sunday morning. The train was traveling slowly and had just left Concord station for San Francisco when the cars derailed, limiting injuries to three people who suffered minor back injuries.

There were 65 people on the train at the time and all were assisted by transit police officers in what BART said was an “orderly evacuation.”

Passengers commuting between Pittsburg-Bay Point and Pleasant Hill rode buses provided by the agency throughout the day as the agency rushed to fix the cars.

BART, which has about 350,000 riders daily, repaired the tracks and used a high railer and a crane to move disabled cars. It hoisted the last of the two cars back into place early Monday morning.

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State-owned miner AEMFC has used the sod-turning ceremony of its Vlakfontein coal mine to lift the veil on some future projects, which includes an oil-from-coal operation.

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Jeddah, Saudi Arabia (AHN) – Saudi Arabia’s King Abdullah returned home Wednesday after months of recuperation abroad and immediately ordered an increase in social benefits for citizens.

The king, who underwent spinal surgery in the U.S. in November and stayed in New York and Morocco to recuperate, issued royal decrees increasing the country’s development fund and the state bank’s capital to provide more interest-free loans for use in building homes, getting married or starting up a business.

Abdullah also increased the social insurance fund and the number of beneficiaries to 15 from eight per family. He allocated $933 million in assistance for the poor so they can repair their homes and pay utility bills. Another $320,000 was allocated for vocational training courses for women to increase employment of the youth.

A foreign scholarship program was extended for five more years while salaries and benefits of government workers were increased 15 percent.

The king vowed to tackle youth unemployment that currently stands at 40 percent.

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Columbus, OH, United States (AHN) – Similar to the spread of civilian unrest in the Middle East, union protest is quickly spreading in three Midwestern U.S. states in protest over anti-union legislation.

As the protest in Wisconsin entered its second week, protests were simultaneously held Tuesday in Ohio and Indiana. The protesters, led by Democratic-leaning unions, accused the states of using fiscal problems as an excuse to weaken collective bargaining rights.

Democratic legislators in Indiana left the state to avoid casting their vote on anti-union legislation initiated by Republican governors. Republicans now control more state legislatures and governorships after the November election. Because of the strategy adopted by Indiana Democrats, only three of 40 Democrats showed up Tuesday morning for the House session, which deprived the legislature of a quorum.

Despite the Democrat boycott, the state government said it will push the bill that would ban employers from requiring employees to pay union dues, which is a standard feature of union labor contracts.

About 4,000 union members joined the Indiana protest, while thousands of labor union activists and supporters gathered in front of the Ohio state capitol building to air their sentiments against Republican-backed legislation that would restrict public workers’ collective bargaining rights.

On Tuesday, Wisconsin Gov. Scott Walker threatened to start involuntary redundancies of state employees by next week if the legislature did not approve a bill that would remove most of the public workers’ collective bargaining rights and require higher contributions to pension and healthcare coverage.

The move seeks to save at least $300 million within the next 24 months to help reduce Wisconsin’s $3.6 billion budget gap.

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Hard money is a way to secure property in a short period of time then refinance into conventional finance and can provide an alternative source of financing for real estate investors. Conventional institutional lenders will not finance hard, hairy loans and on the other side equity investors demand very high returns and/or shares of profits.

Investors who borrow hard money understand that this type of loan is more expensive than conventional loans. A hard money borrower perceives that the loan’s value extends beyond its cost. Investor rehab loans are particularly easy to find with a number of competitors but at the same time you should watch out for the hard money lenders that are also wholesalers.

The Lenders

Lenders of so-called “hard money” are becoming more common and more accessible: Perform a search for “Las Vegas hard money lenders” and you will discover many results, many for the state of Nevada, specifically. There are even private lenders based online, at your convenience.

Lenders have much stricter criteria these days, and for a good reason. In today’s society, the laws favor consumers, not banks. So lenders turn to look at whether or not the applicant is worth the financing and if the business plan is practical. They can scroll through the list of entrepreneurs and make a selection based on the person they wish to lend money. Most loans when approved are made via credit card or PayPal.

Most lenders ask borrowers to pay a minimum of five percent upfront deposits, as a guarantee. The greater amount of deposit will shrink your interest rates and mortgage payments under most circumstances. Lenders want the loan to be current, not to have to complete a foreclosure. But can you make up the defaulted amount over a period of months?

The Borrowers

Most people apply for hard money loans when they have credit problems, are in default, have had a foreclosure or bankruptcy, have been recently unemployed, or for some reason cannot provide proof of income.

Borrowers are advised not to work with hard money lenders who require exorbitant upfront fees prior to funding. If you feel you have been the victim of unfair practices, contact your state’s attorney general office or the office of the state in which the lender operates.

Some borrowers love to use hard money lenders on all real estate deals. Borrowers of hard money loans qualify based on the value of their property more so than the quality of their credit history. However, there is a market out there that hard money lenders cannot fund. So make sure you do your research right before taking on a hard money loans.

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Author: Cebi Moshi
Article Source: EzineArticles.com
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Hard money loans are tools for investors, business owners, property owners, would-be property owners and others for whom conventional loans are unattractive or unavailable. Originally, the term was used to describe any loan that was secured by property or other collateral, as opposed to unsecured borrowing, such as cash advances from a credit card or bank line of credit. Today, although the meaning has not really changed, the way that the term is used has. It can all be confusing to the average person, so we hope to shed a little light on the subject.

At one time, it was relatively easy to get a hard money loan. The bank knew that if you could not make your payments, they could take possession of your property. The only real consideration was the value of your property.

Times have changed. Foreclosures take longer. Banks are often unable to recoup their losses. The large number of defaults in recent years has actually hurt some of the financial institutions. Believe it or not, the funds that commercial lenders have available are not endless. Some have had to reduce the number of loans that they make. In general, all lending institutions have adopted stricter qualifications for potential borrowers, in many cases, making it more difficult for individuals to get the money that they need.

Commercial banks are governed by the Federal Reserve and they must follow certain rules and regulations. In addition, each bank has its own policies. We commonly refer to the considerations, rules, regulations and bank policies as red tape. When we apply for a loan, the paperwork can be overwhelming and very difficult for the layman to understand. Read this, initial here, sign there, etc, etc. The red tape is meant to protect the consumer and the bank, but even when you understand that, it can be frustrating. Plus, the whole process takes a lot of time. You might wait weeks, only to hear that your request was denied.

This is where private lenders offering hard money loans may come in. In most of the United States, private transactions are not regulated by state or federal laws. There is less red tape, so you will get your answer faster. There is still no guarantee, but at least you will know that you should look elsewhere for financing in a shorter period of time. There will be less confusion and less frustration. Of course, the policies of individual lenders vary. Some check credit, references and employment. Others are more concerned about how quickly you can repay.

A hard money loan is generally a short term solution. It is most attractive to investors and others that need money quickly, in a matter of weeks, to close on a deal or take advantage of a potentially profitable opportunity. Long term financing may be available, but in the time it takes to find it, the opportunity may be lost.

There are several advantages to hard money loans from private lenders, as opposed to secured loans from conventional lenders (the banks), particularly for real estate investors. Suppose you have the opportunity to buy a property that “needs work”. The seller is particularly motivated because he is facing foreclosure or moving out of state, so he is willing to sell for far below the assessed value of the property, as long as you can close the deal quickly. If you go to the banks, it will take at least 30-45 days (probably more) to close. A private lender may be able to hand you a check in a much shorter period of time.

Time is very important to someone who wants to take advantage of the auction of a foreclosed property or a trustee’s sale. You may have the bidder’s fee, but the trustees typically want the full amount within 14 days. The banks do not work that fast.

For those who can wait for the money they need for a real estate investment, traditional loans might be the way to go. But for everyone else, hard money loans make a lot of sense.

James has been in real estate for over 30 years and is an expert on residential and commercial hard money loans. He is a regular contributer to Hard Money Guide, a comprehensive resource for those looking to secure funding for real estate projects.

Author: James Whitmore
Article Source: EzineArticles.com
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The 50 state attorneys general probing foreclosure practices are considering using a third- party monitor to ensure that banks comply with any settlement they reach, Connecticut Attorney General George Jepsen said.

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Washington, D.C., United States (AHN) – The new session of Congress resumes its normal schedule of hearings and debates next week with an agenda nearly certain to halt Obama administration transportation projects.

Among them is President Obama’s plan for a nationwide network of high-speed passenger trains.

Incoming chairman of the House Transportation and Infrastructure Committee John Mica said he would try to limit spending to “what we can afford.”

He has been a harsh critic of government subsidies for Amtrak.

The new Republican majority in the House of Representatives approved procedural rules last week that remove transportation funding from long-range priorities.

The new rules make transportation funding subject to annual appropriations, which can vary widely if other priorities arise.

Republican leaders are calling for a 20 percent across-the-board reduction next year in major program funding, such as transportation.

Until now, passenger rail, highways and other transportation priorities operated with budgets that required minimum levels under the Highway Trust Fund. The fund receives money from the federal gasoline tax.

The rules the House set last week eliminate the minimums.

Potential projects on the chopping block include California’s planned 220-mph bullet train that would run the length of the state.

The rail line would cost an estimated $43 billion when it is fully built out to include Sacramento, San Francisco, Los Angeles and San Diego.

The federal government has allocated $$2.25 billion to the project.

However, conflicting state and private feasibility studies disagree about whether enough people would ride it to make it worthwhile.

A Wall Street Journal editorial last month said “a realistic concern is that the state will have to terminate the project after completing the first segment because the feds and private investors won’t pay to finish it.”

Another blow to Obama’s high-speed rail plans came last month from the incoming governors of Wisconsin and Ohio.

Both decided to cancel their federally-funded passenger rail projects that already had received federal funding.

Republican governors Scott Walker of Wisconsin and John Kasich of Ohio said the economic stimulus funding was a waste of taxpayer money.

The U.S. Transportation Department rerouted the $1.2 billion to other states for their rail projects.

“High-speed rail will modernize America’s valuable transportation network, while reinvigorating the manufacturing sector and putting people back to work in good-paying jobs,” Transportation Secretary Ray LaHood said in a statement. “I am pleased that so many other states are enthusiastic about the additional support they are receiving to help bring America’s high-speed rail network to life.”

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