Hard Money Lenders Today!

[Account Closed]

What does a hard money lender mean to you? 

To me it's an individual or company that lends for a certain amount of 'points' and a MUCH higher interest rate than YOUR LOCAL bank.

Recently we were forced to look for a new funding source since our hard money lender got hurt over Thanksgiving. 5/6 companies that hit me up after I filled out a form on Connected Investors via Auction Flipping web site are LARGE public and private companies. They want to know EVERYTHING about you...once you get their pre-approval letter. They have THEIR lending fees ($500-1000) then want a to see a large amount of cash; additional cash to back up the renovations; past flips; two years of tax returns; incorporation docs; a high credit score and an appraisal from a licensed appraiser with any renovation drawings.

Our original lender offered us a loan at 10% down, 10% per annum interest and 3 points. And only dependent on looking at the property. NOTHING more!

So when you think it's going to be EASY...think again!!!

If you have good credit and some $, then You can do better at a bank! 

They'll ask for the same crap and you'll get much better deal.

Or ask at your local salvage center or REIA meeting for a lender who is botlocal and fair.

[Jay Hinrichs]

I will bet you half the lenders or more that want the 500 up front are out and out total scams you pay the 500 and never see or hear from them again its rampant in the industry right now.

for real HML in your area

1. Lendingone

2. Lima one

3. Visio

4. Peak

that's just off the top of my head and lendingone is SO FLA based I believe.

@John Thedford  does some lending in your area as well.. you can ask him