Updated over 7 years ago on . Most recent reply
Hard Money Lender Ratings
We are currently researching hard money lenders to fund our deals. Has anyone ever worked with LendingOne, LLC? If so, good or bad experience? What are the key questions you would suggest we ask before working with hard money lender, such as LendingOne, LLC? Thank you for your feedback.
Most Popular Reply
Ask specific questions about their process for getting a loan approval, underwriting, and property valuation.
-Do they pull credit
-Do they get an appraisal on every property
-Is underwriting in house
-Is the money in house
How many people will review your information before you get a loan approval?
If they are getting an appraisal and pulling your credit, it will be difficult to close in under 2 weeks and you will be paying points + fees. You are paying a high interest rate for Hard money, find a hard money lender/private money lender that makes the process easy and able to fund quickly. Find a hard money lender that is truly “asset-based”, they won’t have an issue closing in 2-3 days. They will give you a loan estimate with any points/fees laid out within minutes of you talking to them.
Good luck!