I am looking for recommendations for a Hard Money Lender in Rhode Island. I searched the BP HML database and only came up with 1 result (in CT). Does anyone have any (preferably positive) experience(s) working with a HML in RI?
I also did a quick Google search and found a few lenders that I will list below. If anyone has any experience with these lenders (even if you are not located in RI) please comment. There are a few other "Nationwide" lenders I found, but am a little weary of these guys.
Brookview Financial, Inc.
Use the search engine at this site for: Brookview Financial
I'm not in Rhode Island, but I would not pay upfront fees to any Hard Money Lender.
When I attend the monthly Reia meeting in Ct., I usually see at least one Hard Money Lender in attendance.
Have you Attended the Reia meeting in your area?
Jason, others may have had a different experience but in my personal experience hard money lending is - like much of business - built on personal relationships.
I would recommend you start going to a local REIA such as the RI Real Estate Investors Group (rireig.com) or Black Diamond REI (BlackDiamondREI.com) and network, maybe identify a few promising folks, take them out to coffee or a meal, etc. and just look to start building a few relationships and identifying good prospects.
Then when you have a deal you're looking for a lender on, you'll have a few people to start asking and maybe if they don't know someone they can recommend you to someone else in the group (one of their contacts).
People are much more comfortable recommending people they already know and have "vetted" as having a minimum amount of knowledge, so that's what you'll really be trying to do - establish that you've educated yourself, didn't just get out of your first seminar last weekend, are committed to real estate beyond this year, etc.
All that said, if you think you really have a good deal and have a compelling case to make to a lender*, by all means announce it at one or more local REIA meetings and you may end up making a connection right away.
But if you don't already have a good deal & value proposition for a lender then I'd say go the long-game, relationship-building route. It takes more work, but (again in my own experience) creates better long-term results.
[* Think about what you'll be proposing from a lender's point of view... if you're new to RE investing and are asking a lender to loan > 90% LTV, why does that make sense to a lender? And if you don't know what a LTV is, you should educate yourself before even talking to a potential lender.]
@Anthony Thompson thanks for the tips and advice! Very informative, as it always is. I am hoping to start attending the monthly RIREIG meetings this month. Hopefully I will see you there!
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