Hard Money Lender

Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y
@Mark Scott you may want to check other threads. but the answer from others who have used these folks is the money is non refundable.. and you only get a credit if you close a deal with them.
So I think and I think the company will tell you its risk's money...
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Jacque Fairbourn
Hard Money Lender · West Jordan, UT · Member since 2015 · 105 posts · 75 votes
10y
@Mark Scott
@Jay Hinrichs
The $2500 is not a "fee" to apply for the loan, the $2500 is to join our 100% financing option. Because we offer financing without a down payment and work primarily with new investors we found that most of them need far more assistance in completing their first deal. We’ve seen over time that those who use our tools and resources are more likely to close a successful deal than those who did not. So in order to obtain a loan without a down payment we require the borrower to use our systematic approach for finding, valuing and rehabbing properties. Our team devotes a great deal of time and resources to working with these new investors, and those costs need to be covered. Once someone completes a successful deal we return the remainder of that enrollment amount back to them, because we make most of our money from funding successful flips. Should the first deal an investor present to us not meet the lending criteria we continue to work with them, for as long as it takes for them to find a deal that allows all parties to be profitable. The enrollment fee is not intended to be solely for access to funding, nor is it presented that way when someone enrolls. It is not merely "risk money" although working primarily with new investors and funding with no down payment and extending funds to those with bad credit does entail more risk and this does help defray part of that.
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Ryan Boyce
Flipper/Rehabber · Virginia Beach, VA · Member since 2014 · 74 posts · 31 votes
10y
Just closed my first deal with Do Hard Money and everything @Jacque Fairbourn said is correct. The process flowed exactly as she stated. I paid the $2500 and immediately had a deal that I submitted to them for analysis. I was then assigned an account adviser named Freda Davis who I highly recommend and was phenomenal through the entire process. Once the evaluations happen (5-7 days) the loan process starts and they evaluate your bid details and what your repairs are. You submit your repairs bid and the loan gets processed in 7-10 days. You will have to set up individual LLC per property which they initiate and set up. You are the manager and are in charge of everything. This part of the process went smoothly and you will be assigned a processor that also helps get the loan closed. Brittany Gamble was mine and she was amazing as well.
After you close you can submit online for the first 10% initial draw to get the project going and order dumpsters or what ever you need. The way this process works is just like most hard money lenders offering rehab funds, you or your contractors do the work and then they send an inspector to confirm work was done and they issue payment. It is crucial that you submit your draw invoices the same way you submit your initial bid during the acquisitions period. Because if you submit a different variation you will not be immediately reimbursed. You only get reimbursed for the work that is complete also make sure your initial bid is as spot on as possible because any overages or unexpected things that pop up you will be paying those out of pocket.
My most frustrating part of the process was the initial time it took for some one to respond to my questions. They only had one person handling all the draws in the company and that person was slammed so communication was at a snails pace. I spoke with management about it and they were extremely responsive and welcomed the feed back so they can fix any issues. Other issue I spoke to them about was the time period when submitting a draw to when it got processed. On average each draw (we did 3) took 7 days to process. That was from submission online, the inspector checking work and payment processed. I will say one positive thing here and that is when the draw was approved you had money in your account very early the next morning. They never bs when it came time to pay. They paid fast and honored every payment they said they were going to make with lightning speed. Since this was a first one done with DHM there was a learning curve and we now know times and how to work it so the second will be much smoother as I know their expectations.
Overall I was happy with their service and took full advantage of the product. When it was all said and done I received the wire from first deal with them yesterday and had net profit ok 60k.
1 Reply
Jacque Fairbourn
Hard Money Lender · West Jordan, UT · Member since 2015 · 105 posts · 75 votes
10y
Thank you @Ryan Boyce!
1 Reply
Robin Frazier
Rental Property Investor · BAYTOWN, TX · Member since 2018 · 38 posts · 13 votes
6y
@Darren Eady
Give me your hard money details please.
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