I'm currently looking for lending for a property. Me and my business partner might have to go with a hard money lender and I'm just curious on how any of yall's experiences have gone?
be very cautious of the too good to be true send me 500.00 or 1000.00 commitment fee brokers.. some are real many are just what we call in the industry "advance fee scammers"
If your a fan of American Greed watch the episode on REmington financial on U tube and google Ingrid Robinson this will give a look at what I am talking about advance fee scammers.. you make a post like this and you might even hear from a few.
I think @Jay Hinrichs gave some great advice above with regards to what to watch out for.
It wouldn't hurt to speak with a variety of capital sources; local banks, credit unions, and private/hard money lenders, to see which will provide the best financing option for your project.
Hard money lenders are often more costly (higher interest rates, points, fees) than traditional capital sources, but can sometimes provide higher leverage and faster, more investor-friendly processes, such as quicker construction draws.
Best of luck!
@Michael Kinsella thank you so much for your input