DoHardMoney Hard Money Lenders

Upper Marlboro, MD · Member since 2017 · 3 posts · 0 votes

Hello good evening BP family, I'm a newbie.. Has anyone used DoHardMoney.com for a deal? If so, how was your experience with them?

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Kerry Boyle

Lender · Bethesda MD · Member since 2017 · 283 posts · 123 votes

They look fairly expensive. Their interest rates are labeled per month, the loan fees are at least above average. Their LTV is average.

Why did you choose them to begin with?

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Ann Bellamy
Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
9y
The search feature right her on BP is your best friend, there are several threads on that company. Search "Do Hard Money", "DoHardMoney", "Dohardmoney.com"
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Jaclyn McClellan
Real Estate Agent · Chicago, IL · Member since 2016 · 176 posts · 73 votes
9y
We are using DHM right now for a loan. There were upfront fees that alot of people mention, $3000. They also failed to mention that the first loan with them, they'll only lend $50k on the rehab. Literally did not mention it once to me.
Then went out and did the appraisal, the appraisal literally came back $100k lower than what I had for my ARV (I'm a real estate agent), then I had to complete a "value audit" form to argue why I believe the value is what it is. I did that last Tuesday, they said 3-4 business days, still haven't heard whether I'm getting the loan and we are supposed to close next Monday. Oh and last Thursday they talked to my contractor, who they had spend several hours working on an itemized list of what needs to be rehabbed and what the costs are.
Needless to say, I am going to be very upset if I do not get this loan because it has been quite the journey.
I will update when I find out if we are getting the money or not, but I would say so far my experience is so-so. I feel like they really haven't respected our closing date and they also don't respect my opinion as a licensed agent (not that that makes me 100% right, but after looking at the appraisal we received, it's really difficult to have faith in them). Fingers crossed though!!
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Warren Omari Brown
OP
Upper Marlboro, MD · Member since 2017 · 3 posts · 0 votes
9y
WOW
Ok keep me posted
I pray everything goes well for u
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Kerry Boyle
Lender · Bethesda MD · Member since 2017 · 283 posts · 123 votes
9y
They look fairly expensive. Their interest rates are labeled per month, the loan fees are at least above average. Their LTV is average.

Why did you choose them to begin with?
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Jason Hirko
Lender · San Antonio, TX · Member since 2016 · 1k+ posts · 1k+ votes
9y
@Jaclyn McClellan can I ask what rate and term they offered you? I don't mean any disrespect but I am assuming it was significantly lower than the competition in order to try to justify a $3,000 up front fee...?
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Jaclyn McClellan
Real Estate Agent · Chicago, IL · Member since 2016 · 176 posts · 73 votes
9y
haha nope that's the funny part. The rate is super high, like 15% plus points. But what they do is say the $3000 up front fee will be refunded to you if you get a deal completed within the first six months. The costs also aren't paid until the end of the loan, which was the major enticement. They offer essentially 100% financing if your deal qualifies for their very very strict rules. We have capital deployed elsewhere so we thought we would give it a try. I am starting to regret my decision.
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Warren Omari Brown
OP
Upper Marlboro, MD · Member since 2017 · 3 posts · 0 votes
9y
Hello Ms Jaclyn did your deal with DoHardMoney go through?
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y
@Jason Hirko there have been many threads on this company
they are Utah based so they are half lender half back room guru education company
I suspect they make the majority of their dough on the 3k turn downs.
they also then charge appraisal and a submission fee of 600 to 800 per deal and from what others have posted the values would not mess they were out 4 to 5k .. and of course they are going to these folks because they advertise NO money down 100% financing.. so the borrower is out 4 to 5k is now out of money and out of business.
Too me is smacks of pump and dump due diligence .. but then they say for the 3k they give them their how to get rich in real estate education materials that are worth at least 3k... :))
5 points 15% is what I have heard.. Reminds me of Remington financial.
Although they must make enough loans to not get shut down.
One lady in FLA who had a thread on them.. said they changed their draw procedure mid stream.. were they wanted borrower to front the draw money and they would reimburse.. well your already going for the no money down borrower.. this left the lady in a pinch since she did not have the funds to front the rehab...
that's a synopsis of what others have said in the thread.. but from what I gleaned at least 2 people actually got funded.
@Jaclyn McClellan you may want to check with Gorilla in Eugene OR.. I know them they are real and they will do 90% on a qusi JV type deal
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Christian Kenworthy
Wholesaler · Salt Lake City, UT · Member since 2014 · 33 posts · 9 votes
9y
I know a bunch in utah if you ever head this direction.
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George Taylor
Wholesaler · Myrtle Beach, SC · Member since 2017 · 276 posts · 80 votes
9y
The only upfront fees someone should be responsible for is a BPO/Appraisal and possibly a credit check. It amazes me how many people pay up to several thousands in upfront fees even before the loan closing. A legit HML will charge fees but they will be at closing only, besides the aforementioned 2 fees.
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