Finding Hard Money Lenders

[Ashley Payton]

Is there a way to find hard money lenders that are not family for free? I've been looking around and found 2 websites that allow you to, but you have to fill out an aplication with them. I did that, but I really want to avoid the "middle man" and connect directly with the lender.

I looked on Craigslist, but they just all seem like scammers. Currently, checking out classified ads. Any other places I can go out and look?

[Ann Bellamy]

Ashley, the hard money directory here on BP is under the resources tab.

There are online lists of lenders, here are a few:

scotsmanguide.com/

lvhardmoney.com

moolahlist.com

privatemoneylendingguide.com

reiclub.com (has a directory on the site)

creonline.com (has a directory on the site)

Although I have advertised on some of them in the past, I would stay away from them unless you are at a last resort situation. Almost all of them are paid listings, it's not an "Angie's List".

the problem is that most lenders who list on these sites (not all) are national companies. Their rates are higher than local lenders, they don't know the market, and they require extensive processes similar to institutional lenders. Some of them take application fees and then never deliver the loan. Scams, as Jeff says.

Your best bet is to find local lenders, and @Jeff S is correct, many of the REIAs have many people with money but without the time, inclination or knowledge to do a deal. But you need to take the time to build those relationships. Standing in front of the room telling everyone you are looking for investors is not as effective as telling people what you do and letting them ask more questions. At a REIA, everyone is looking for deals or investors, so the passive approach doesn't work as well, but highlight your successes and people will want to invest with you.