West Chester, PA · Member since 2018 · 11 posts · 4 votes
Hi everyone!
We are in the process of finding our first fix and flip in the Chester County, Pa area. We’ve gotten preapprovals from the bank, but are also considering using a hard money loan. I was hoping for some advice in that area, whether or not it’s a good idea and if anyone had a referral for our area.
Thanks!
The only reason I think you would want to consider a Hard Money Loan if you have an approval from a bank would be if you are needing to close quicker on the purchase of the property but other then that I don't think a Hard Money lender would be able to give you as good of rates, fees or terms as the bank.
Feel free to contact me if you have any questions.
@Colleen Rogenmuser your best rates are always gonna come from the bank, but the funds might not be there in time to purchase that property your looking for and that is where hard money is very helpful at times as you can get funding pretty quickly. So it really just depends on your situation and the deal and what makes the most sense for you. I am local and we do offer financing options so feel free to reach out and I can put you in touch with my partner.