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!
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!
Are you willing to share who your top 2 lenders are?
Lender · PA · Member since 2019 · 533 posts · 461 votes
1y
I recommend getting a few quotes and choosing one that is right for your financing strategy. if you are trying to get fix and flip money there is a wide disparity in rates and charges. Some Fix and Flip lenders charge interest only on the portion of the loan drawn. Other, charge on the entire amount from origination forward. If you are tight on cash, then you want to use the lender that has the least up front charges to minimize your contribution.
When I need to close fact I use private money. It is more expensive but may not require an appraisal and can close in a couple of weeks. if I can wait then I use the most competitive rehab. lender after obtaining multiple quotes. Good luck with your deal.
I agree that they are a good lender. I have used them several times. Depending on what you are trying to achieve, there may be some other lenders I could suggest. Let me know if I can be of service.
I agree that they are a good lender. I have used them several times. Depending on what you are trying to achieve, there may be some other lenders I could suggest. Let me know if I can be of service.
Hi William, I'm building a new construction single story duplex in the Conroe area. If you have any other lenders that you'd recommend, please share.