I'm looking for a reputable hard money lender

4 Replies

Who have you borrowed money from, and what terms can I expect? I've read about a wide variety of options, but I'd like to hear directly from someone about their specific experience.

I have an offer from a lender for 100% funding at 6%, paying interest only on a 12 month note.  They're asking for an $870 fee to start the process, and it has me feeling nervous.  

Originally posted by @Ben Watt :

I have an offer from a lender for 100% funding at 6%, paying interest only on a 12 month note.  They're asking for an $870 fee to start the process, and it has me feeling nervous.  

Was the lender the guy mentioned in this post? https://www.biggerpockets.com/forums/49/topics/595905-lender-scam-warning-north-carolina

Seems odd that the up front fee was exactly the same.  In any event, you're right to feel nervous of a "hard money lender" asking for an up front fee and offering to loan you money at 6% interest.  Anyone offering such a low interest rate that you don't spend the holidays with and call mom or dad, is probably trying to scam you out of whatever money you pay to them up front. 

Be careful.

Hey @Ben Watt ! We're a hard money lender located in NJ but lend to most states, including Iowa. The offer you have definitely seems a bit suspicious and you should definitely be wary when it comes to these things. If you're still looking for a HML, we may be of service. Shoot me a message and we can chat!

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