Hard Money Options: do hard money lenders ever take over?
Do hard money lenders ever take over loans from a small bank mid-project? The details and timeline of the deal have not changed, however the small bank I used (who came recommended) has proven to be a hindrance and I’m disappointed in how they misrepresented the value they brought to the table for a new investor.
The bank will not release funds for work completed because of a semantics involving the original renovation list. I was told I could get a more accurate list approved when the bid came in which was not the case.
Now after paying for the loan and floating renovation costs I am slowing progress and low on cash until I receive my draws, which they will not let go of.
I’d love to hear what you all have to say. And yes, I already know I’m an idiot. Thanks.