NEW: BP Podcast 66: Flips, Apartments, & Protecting Yourself From Professional Tenants with Michael Blank

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Forums » Ask About A Real Estate Company »

43 posts by 29 users


· Las Vegas, Nevada

Anyone used/heard of this HML??? Just found them.

Check 'em out:

They will go 100% LTP (loan to purchase), provide POF, backend their orig. fee and loan payments, etc.

They sound like a short sale flipper's dream for offering a hybrid type of HML/extended transactional funding.

Real Estate Investor · North Carolina

I would like more information on this company if anyone has had any experience with them.

Real Estate Consultant · San Jose, California

LTV and ARV are variables to the file. Reality is 50% from somewhere else on the application and "skin" is always a factor. Write to me direct if you've got a file to break down.

Real Estate Investor · Clearwater, Florida

The site defines AARV, but it doesent discuss ARV when it mentions LTV.

Also the fees are very high, although if they are lending quickly at 100% of cost based on ARV, then its worth it to a lot of folks.

Mobile Home Investor · Spanaway, Washington

Any satisfied customers that can jump in with any further info for the group?

Wholesaler · Richmond, Virginia

I would like to see if anyone else has had any luck. I have heard of some investors in the area talk about them and have said that "" has showed up on records in the area but I haven't spoke to anyone that has used them yet.

Real Estate Investor · Upland, California

It's an interesting proposition if you are totally out of cash, and their site says:

"When your loan commences, origination points will be added to the principal of your loan. "

So it looks like they are giving you the full 70% ARV (by the time the work is complete).

1. I would not suggest to use them for your first flip or if you are a beginner because a beginner can easily go over 5 months.
2. Do not think you can use them with $0.00 in your pocket. You do need to front 25% of re-hab before you get a draw.
3. There is a lot of wasted money in their fees/points/etc.

Though, if you are experienced and you simply want to do an extra deal and:

a). lack the on hand cash
b). do not want to share with a jv partner
c). for some reason have not developed other funding options

it may not be a bad deal.

They are filling a niche. But be aware of the tight terms and overall cost of borrowing.

One more thing - there are lenders that will go 65%ARV with 2.5 points and 12 % interest for 12 months if you have a little skin in the game. It may be worthwhile to save up some "skin" frst unless you really know what you are doing.

Wholesaler · Richmond, Virginia

Jason - what if it was my first flip but I'm working along side a seasoned rehabber who will be working as a mentor?

SFR Investor · Houston, Texas

I was looking on their website last night. It shows their past loans and on some it looks like they loaned 100% depending on the profit margin.

Real Estate Investor · Upland, California

Originally posted by Mike Nelson:
Jason - what if it was my first flip but I'm working along side a seasoned rehabber who will be working as a mentor?

Everyone's plan is different as is every market, target end buyer, as well as extent of work to be done. Do you need permits? What are you doing? etc.

I just think that the fees can add up quick, I am not here to discourage anyone from their dreams and your partner may be the best guy in the world.

So I would say, it depends.

Just watch the bottom line. If you have no money at all be aware you need to front the construction costs before each draw.

If you go past the initial term be aware to get an extension you have to pay them interest.

Just be careful, run the spreadsheets and see what works for you.

· Villa Park, Illinois

Has anyone used Can anyone recommend them as a good company to do business with? Anyone join their R.E. Millions Diamond Program?

Hard Money Lender · Tyngsboro, Massachusetts

I picked up a new customer for a loan because the borrower got left in the lurch by

I'd be pretty careful, dont' send them any upfront money, and have a backup funding source.

I may be biased, but I truly believe that your best funding sources are local to you. You can develop a relationship, get local references, and talk to them face to face.

Small_small_logoAnn Bellamy, Buy Now, LLC
Telephone: 800-418-0081
Hard money lending in NH and MA, and for free networking in MA,

· Hatfield, Pennsylvania

I would never use hard money for any reason. The fees and interest rates make this a difficult path. And many investors really do not grasp how much expense is involved in the property, not even counting financing costs.

Wholesaler · North Brunswick, New Jersey

I just filled out a pre-qualification application and i answered all their questions. However, i forgot to check the "all the questions answered are true" and i pressed the submit button, and i was still qualified.

To get a POF, you have have a 7 day free trial then $17 a month afterwards.

I'm very skeptical at this point.

· Montello, Wisconsin

Ryan Wright at DoHardMoney is a nice enough guy, who only wants to get into your wallet. Once you go through the whole process of presenting your deal, numbers, etc., he'll has to send his own "evaluators" out to check out your deal- for a $495.00 upfront fee. If you look at the right side of his website, you'll see links to every other program out there. Even if you're desperate, look absolutely everywhere else first.

Rehabber · Vancouver, Washington

I've used DHM and my experience was great, actually. They are firm on their programs, but also very fair. I used them for my very first flip when nobody else would fund my deal. They are extremely conservative on their ARV's and rehab estimates, but the produce and won't waste your time. I'd highly recommend them. Through their Diamond Millions program, Ryan will even partner with you and cover all up front costs, and he'll do it for a 50/50 JV partnership.

Hard Money Lender · West Jordan, Utah

Thanks for all the comments. I just found this post. Thanks for your final comment Casey, didn't we just fund your 2nd or 3rd loan with us this month?

Real Estate Investor · Manteno, Illinois

I'm not a big fan of any of the upfront costs. Most places tell you how they have to do that to prevent tire kickers from wasting their time. The problem is that it makes it too easy for people to rip you off too.

What these hard money lenders should do is scale the upfront costs based on experience. If you've done 0 rehabs, then maybe $500 upfront is reasonable. 1-3 deals, $250. 4 and above, the paperwork is free.

You're not tire kicking. You're a valued customer they should be trying to bring into their fold. I'm also not suggesting that they work for free. So go ahead and charge me the $500 doc fee but that should be rolled into the loan or paid when the loan funds.

But nothing should be paid upfront. I don't pay a mortgage broker a dime up front and they don't get paid anywhere near the fees that hard money lenders are getting.

· Tulsa, OK

Dohardmoney is a rip off. I was told first that I could get 100 percent financing. They advertise no credit needed. After I paid for the platinum package & the processing fee, I was told I needed a huge down payment and a cosigner. They would not reimburse my money stating I was offered a loan. An analysis was not done on the property or anything else but yet they kept all of my money. I had to call them after a week to find out anything after I paid the fees. Since they would not give me a letter stating I was unable to obtain financing even though they freely give out preapproval letters, I lost my escrow money also. They do false advertising & are just trying to get your money.

· Redmond, Oregon

Scam company. Fee you to death, then pull out at closing. You will waste a lot of time and money.

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