I always tell people points and rate are not what you paying you have to look at all the junk fees etc. .when I do deals I have a flat fee with no added costs.. and of course my up front fee is higher and my rate is higher but at the end of the day I have no red tape and close in 7 to 14 days and the cost is about the same or even less like this example.. but up front when
this is where its at for 5% money.. though..
I can tell YOu on the forum when I do this I am 10 points and 9% non recourse.. but NO junk fees max loan 75k.. so pretty much a very narrow niche.. for the small balance land lord buying in the lower priced places of the US its hard to find 30 to 50k loans and that is my specialty and when you figure 3 to 5k all in to get one.. NO appraisals no credit just equity.. well you can imagine that we bring a very good value.. have done over 900 of these in the last 4 years.. But I don't advertise it most of my clients are local buy and holders that I keep adding to their portfolios.. with no red tape it allows them to scale..
you would not be a target client frankly.
This post has been removed.
I've been trying to work with Lima One for 3 deals now, but each time I decided to go with a different lender. Each time I get a little further, but they throw new curveballs at me, so I never feel like I'm close to closing.
They advertise no junk fees and really good terms, but have really stringent requirements. And I'm a good borrower who has closed with a dozen different hard money lenders too.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.