Updated over 5 years ago on . Most recent reply
Private Lender Backed Out Last Minute COVID-19
2 Days before closing on my rehab, my private lender pulled the plug on the funding for fear of the uncertainty we're facing with the market and the virus. He was getting great rates with 2Points origination and 15% interest but no fee's to pull draws. He is the only person I've used on funds so now I have to try to find a legitimate Hard Money Lender hopefully directly so I'm not paying a broker here in Massachusetts.
With that said, I'm seeing a lot of Hard Money Lenders are backing out of deals, not just my private guy. Who else is dealing with this and what are you doing to combat it?