What are your experiences with Hard Money Lenders?

Mortgage Brokers & Lenders
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What are your experiences with Hard Money Lenders?

Samuel J Gonzales IV
TX · Member since 2019 · 35 posts · 13 votes

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?

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y
    having been in that business and still am in a different sort of niche these days..  as long as you go with a well known or local lender that is verified real you should have no problem.. try to find local company that knows your market well.

    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.
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  • Michael Kinsella
    Lender · Member since 2018 · 617 posts · 275 votes
    5y

    Hi @Samuel J Gonzales IV,

    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

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  • Samuel J Gonzales IV
    OP
    TX · Member since 2019 · 35 posts · 13 votes
    5y

    @Michael Kinsella thank you so much for your input

    1Reply
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