Updated over 10 years ago on . Most recent reply
Hml backed out...need advice
so being new to the hml world my lender backed out because he didn't have the time to walk me though the process. He let me know that he'd work with me in the future but not on my first deal because I was too green.
Wth do I do now? I Thought I had thIs all wrapped up and bam....
Purchase price
95,555 w/2% closing cost credit
Rehab
15k
Arv
155-165k
Most Popular Reply
@Nick Versetto, if I had to deal with a borrower's attorney who didn't understand the deal or made innuendos that I was breaking the law or charging unreasonable fees, etc. I would kill the deal also. I have had lawyers who represented me make statements about how high the rates were, etc. They did not have any concept of the risks in the deal or why it was such a good deal for the borrower. (My borrowers earn much more than I do on every deal, as they should.) Couple an inexperienced attorney with a first time rehabber and the risk is rarely going to be worth it for the lender.
It is important to choose all the members of your team wisely.