has anyone had positive/negative results in dealing with a company called 212 Loans? They are connected with NetWorth Realty. i am considering them for my first experience with hard money loan and thought i would get feedback
Never heard of them. What kind of rates are they offering?
If memory serves me right, 14% and 4 points. Haven't used them, but also heard about them from Net Worth. Curious to see what feedback people who have used them have though.
there is a connection between Networth Realty and loans212. Yes their rates are steep, but that's hard $$$ for you. There are more favorable rates out there of course.
One thing to bear in mind is that if you want first crack at a property offered by Networth, you have to finance thru Loans212. So in a way, they have you all ways. It can get pretty expensive to invest this way.
That's why I've baulked at using them. Networths ARV and rehab numbers are off IMHO.
But I'll monitor the situation as time unfolds. They may offer a deal that's worth pursuing. That's in Austin, but I haven't seen anything yet.
ok thank you for the information.so what is IMHO
Have you had any luck with net worth realty and 212 loans? I've been looking into them and was curious to see what you came up with..
There hard money is really hard with 14 &4.
If anybody is looking to use 212 beware, they are crooks.
There are less expensive hard money lenders out there.
Hi Chris, I would like to hear about your experience with 212.
Hey Chris, can you elaborate?
@Chris Faye i'd like to hear more as well
I used them on a rental for the rehab in Houston. It happened to coincide with Hurrican Harvey and we flooded during the rehab. 212 extended the HM loan without any extra fees for 4 months until December 31 2017. I used all 4 months (Sept - Dec) AND another 12 days into Jan 2018 to get the rehab/refi done, all for only $332 extra. While they might not be the cheapest - no HM lender is "cheap" - they do a good job at what they do. If you have a good agent at Networth Realty they will get you a fair deal and keep both sides honest. As always, read ALL the terms before you sit to close.
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