Hard money lenders for newbies!

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Robin SimonBusiness Member
Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
2y

Also - are you looking to do these loans in Nevada?  Nevada is a unique state in it has a lot of hoops to jump through for Hard Money Lenders to lend in (versus much less regulations in most other states) - not impossible to find by any means, but Nevada is going to limit your options

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  • Mary Ainsworth
    Lender · San Diego, CA · Member since 2022 · 235 posts · 94 votes
    2y

    As a hard money lender specializing in fix and flip deals, I can offer some insights on choosing the best lender for newcomers to the fix and flip market:

    1. Seek competitive rates and terms: Compare interest rates, loan-to-value (LTV) ratios, and loan terms among different lenders. For example, lenders like me offer Hard Money Direct offers loans up to 90% LTV with 12-month terms.

    2. Evaluate the lender's reputation and experience: Choose lenders with a proven track record who have been in business for a while and have reviews/testimonials you can talk to if you like

    3. Assess the application and approval process: Lenders with streamlined processes, like same-day approvals offered by California Hard Money Direct, can be advantageous for new flippers.

      Remember, the "best" lender will depend on your specific circumstances, including your location, the property you're looking to flip, and your financial situation. It's always a good idea to speak with multiple lenders and compare their offerings before making a decision.

      I DM'd you with my info in case you'd like to get a quote from me as well, we're pretty competitive :)

      2Reply
    1. Devin PetersonBusiness Member
      Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 667 votes
      2y
      Quote from @Ricky Gonzalez:

      Hey BP Fam- 

      What is the best hard money lender for someone who is new looking to fix/flip? 


      Purchase price?

      Reno amount?

      ARV?

      [email protected]860-538-3672
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    2. Robin SimonBusiness Member
      Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
      2y

      Also - are you looking to do these loans in Nevada?  Nevada is a unique state in it has a lot of hoops to jump through for Hard Money Lenders to lend in (versus much less regulations in most other states) - not impossible to find by any means, but Nevada is going to limit your options

      [email protected]
      Harpoon Capital514 Reviews
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    3. Mike Klarman
      Specialist · NJ · Member since 2022 · 1k+ posts · 653 votes
      2y

      I believe Nev is a brick and mortar state meaning you need a physical office there to broker mortgages there.  I know ARI is too.  Other states will let you remotely but require a license, other states require zippo.

      0Reply
    4. Connor Hibbs
      Lender · Ellington, CT · Member since 2024 · 210 posts · 103 votes
      2y

      Hi Ricky,

      You'll want to take into consideration amount of rehab and location of the project for your Fix-and-Flip loans. If the property is in NV then you may be a bit limited in choices as they have stricter licensing requirements than most states. You'll also want to ask about the servicing process with these types of loans as the majority or lenders are going to be releasing your rehab in draws so making sure that the process to request this is fast and simple will make a big difference in your experience. 

      I've sent you a PM with my contact if you'd like some help navigating the lenders.

      1Reply
    5. Eugene Neal
      Lender · Member since 2022 · 138 posts · 20 votes
      2y
      Quote from @Ricky Gonzalez:

      Hey BP Fam- 

      What is the best hard money lender for someone who is new looking to fix/flip? 


       The answer isn't necessarily which is the best lender. It is based upon the teammate that walks you through the process. From explaining the draw process to determining which exit strategy is best. Don't hesitate to reach out for other tips from the lender perspective. 

      0Reply
    6. Anderson S.Business Member
      Lender · Brooklyn, NY · Member since 2024 · 209 posts · 50 votes
      2y

      I'd agree with a lot of the sentiment - use the "find a lender" feature and speak to a few that lend in your state. 

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    7. Caitlin Stables
      Realtor · Richmond, VA · Member since 2017 · 35 posts · 4 votes
      2y
      Quote from @Mary Ainsworth:

      As a hard money lender specializing in fix and flip deals, I can offer some insights on choosing the best lender for newcomers to the fix and flip market:

      1. Seek competitive rates and terms: Compare interest rates, loan-to-value (LTV) ratios, and loan terms among different lenders. For example, lenders like me offer Hard Money Direct offers loans up to 90% LTV with 12-month terms.

      2. Evaluate the lender's reputation and experience: Choose lenders with a proven track record who have been in business for a while and have reviews/testimonials you can talk to if you like

      3. Assess the application and approval process: Lenders with streamlined processes, like same-day approvals offered by California Hard Money Direct, can be advantageous for new flippers.

        Remember, the "best" lender will depend on your specific circumstances, including your location, the property you're looking to flip, and your financial situation. It's always a good idea to speak with multiple lenders and compare their offerings before making a decision.

        I DM'd you with my info in case you'd like to get a quote from me as well, we're pretty competitive :)


         Hey, would love to connect! Looking to fund a deal ASAP! Have assignment contract ready to sign but need to lock up funding first. Thank you!

        0Reply
      1. Cam SchwartzBusiness Member
        Lender · Chicago, IL · Member since 2024 · 102 posts · 48 votes
        2y

        Hey @Ricky Gonzalez. The best HML for someone new to flips would be a group that is both experienced and can offer guidance along the way. You will certainly run into challenges that you did not anticipate and it is great to have a responsive and helpful lender partner.

        Naturally you will want to find a product with competitive pricing and leverage, though keep in mind first time investors do not always qualify for the lowest pricing.

        [email protected]847-702-6940
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      2. Eugene Neal
        Lender · Member since 2022 · 138 posts · 20 votes
        2y
        Quote from @Caitlin Stables:
        Quote from @Mary Ainsworth:

        As a hard money lender specializing in fix and flip deals, I can offer some insights on choosing the best lender for newcomers to the fix and flip market:

        1. Seek competitive rates and terms: Compare interest rates, loan-to-value (LTV) ratios, and loan terms among different lenders. For example, lenders like me offer Hard Money Direct offers loans up to 90% LTV with 12-month terms.

        2. Evaluate the lender's reputation and experience: Choose lenders with a proven track record who have been in business for a while and have reviews/testimonials you can talk to if you like

        3. Assess the application and approval process: Lenders with streamlined processes, like same-day approvals offered by California Hard Money Direct, can be advantageous for new flippers.

          Remember, the "best" lender will depend on your specific circumstances, including your location, the property you're looking to flip, and your financial situation. It's always a good idea to speak with multiple lenders and compare their offerings before making a decision.

          I DM'd you with my info in case you'd like to get a quote from me as well, we're pretty competitive :)


           Hey, would love to connect! Looking to fund a deal ASAP! Have assignment contract ready to sign but need to lock up funding first. Thank you!


           Are you looking to hold the property or sell the contract to an investor? 

          0Reply
        1. Caitlin Stables
          Realtor · Richmond, VA · Member since 2017 · 35 posts · 4 votes
          2y

          I would be the assignee and then rehab and flip it

          0Reply
        2. Eugene Neal
          Lender · Member since 2022 · 138 posts · 20 votes
          2y
          Quote from @Caitlin Stables:

          I would be the assignee and then rehab and flip it


           I may have cash buyers within that area. If you need other potential options, please reach out.

          0Reply
        3. Erik EstradaBusiness Member
          Lender · Member since 2022 · 6k+ posts · 1k+ votes
          1d

          Hey Ricky,

          Happy to connect. There are many here on BP

          [email protected]818-269-7983
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