Hope everybody is having a nice first half of their week!
So when I read threads on here where people are talking about finding good hard money lenders, they always talk about interviewing the lender themselves, just as the lender wants to interview them to see if they are a good fit.
Clearly a great idea.
My issue is, having not worked with an HML before... I am not sure what all to ask. I have some basic questions but they seem too simple and too few.
What questions do you ask HML specifically when interviewing them to see if they are a good fit for you?
When interviewing them, what are some red flag answers that would have you running the other direction or even just a bit concerned? Also, are there any answers that would cause you to really want to learn more about that specific HML?
I am trying to build a sort of script so that I can just go through my questions and type in my answers and then have the info I need on each HML in that format.
Thank you all!
@Brian H. Hi Brian and Happy First half of the week to you.
Questions to ask a Hard Money Lender
- What is the APR?
- Do you charge points?
- What are the loan cost and fees associated with this loan? Aside from appraisal, and legal, Title
- Application Fee?
- How fast can you fund?
- Purchase LTV and Rehab LTV
-Do I need experience?
- Do you need an appraisal?
- Min Credit score some lenders have this
These are just a few to get you started. Good luck!
@Brian H. I can understand some of your concern. I will absolutely agree @Account Closed with the questions you should ask; however, I also think how easy they are to work with is a big item as well. Unfortunately, this is something you have to gage for yourself when speaking with them.
Lastly, not all HML are the same. Depending on your experience, they may or may not work with you. I am happy to speak at more details regarding this and local lenders in the Carolinas (I am in Charlotte) just feel free to call/text or PM.