Looking for advice on backflip lender
Hi - I was just curious if anyone has used backflip as a hard money lender? From what I have researched they seem legitimate but the person I am working with is flakey, takes forever to answer questions so I thought I would see if anyone else had experience with this lender. Thank you!
Most Popular Reply
Are you willing to share who your top 2 lenders are?
We have heard of them but have chosen not to close deals through them since we have found better options. We have a lot of investors that are way more flexible.
What you want to ask is if they are a direct lender funding and servicing your loan
They are legit. I've brokered with them quite a few times and while they are not my top lender, they are in the top 5. When the top ones can't/won't do the deal, Backflip usually will and they are super fast and easy. My client's have been happy with the draw process and response times as well. All of their products are Dutch-interest and their highest leverage option is a 1st position with a 2nd position loan wrapped with it to get to higher leverages. Those two things turn some folks off, but if the numbers work, they work. Get in, then get out.
Cheers!
- Nick Belsky
- [email protected]
Thank you for all the responses! They were all very helpful and appreciated.
Who is the top lender you recommend? Thanks!
Who is the top lender you recommend? Thanks!
Are you willing to share who your top 2 lenders are?
Who is your favorite lender to work with?
Would you be so kind to share please?
I am always happy to chat about hard money - and I am biased, but I think I am an excellent communicator! ;)
Just closed on my first loan with them. Very tech-forward and straightforward experience.
Hi Ryan,
would you mind sharing who you use?
thanks
So far, no issue other than the biosecurity stuff. I get having a driver's license to verify identity, but recording your head turning like a mug shot is a little much.
Lol. I had one client who couldn't get past this due to laughing too hard during the process. It is a bit overkill for sure. She said she had to think about something sad to calm herself down so the camera would accept her face. Lol.
Cheers!
- Nick Belsky
- [email protected]
I haven’t worked with Backflip personally, but they seem legitimate. If communication is an issue, consider getting everything in writing or checking reviews for more feedback.
@Magdalene Leon - I'm happy to discuss Backflip's loan products and our process. Don't hesitate to reach out!
Hi Nick, I'm a newer investor. Would you explain the con of them being 2nd position? Thanks
I wouldn't say there are any cons to it. Some don't like the idea of a 2nd position lien that is very small and very high on interest rate. The blended rate between the two loans still comes out to be what is quoted. Sometimes I have to show clients the math for them to get comfortable with it. Recently, management changed it so both loans can be made with one payment versus two separate transactions. Many clients liked that change.
Cheers!
- Nick Belsky
- [email protected]
They are a legit lender, we have bought loans from them. Question is, is the person you are dealing with a correspondent broker who brings them deals to fund or someone from their company. Big differences as its like a wholesaler of loans sometimes. There are tons of hard money lenders out there, my question is why them?
- Chris Seveney
Their zero gravity product is extremely attractive - they loan 96% LTC! With only 2 points. I haven't found a lender yet that lends that much.
Interesting product, I am sure there is a reason why others are not doing it.
- Chris Seveney