This is a follow-up to a previous post
I received many offers from many people and a couple of institutions to work with me in finding the perfect lender for my needs. I finally chose Steve Snyder at fixflip100.com as he was, in my opinion, the best choice for me.
Everything went pretty smoothly between Steve and myself but there was a few hiccups that were caused by the lender. While Steve properly gave me a list of docs needed and I complied quickly; it seemed that the lender always needed "just one more doc". But after I got the stream of requests under control, we closed yesterday with the loan.
I highly recommend anyone that is looking for a HML with a property that is actually a profitable venture to contact him directly on BP or through his website.
My issues arose because I feel the lender isn't very proactive about notifications on knowing exactly all of the details along the way. Sometimes I felt as if they were making them up. But I persevered and we got the loan funded and that is the most important part.
I hope this helps REIs that are looking for key man to work with in this area.
PS- I do not have any financial interest in this relationship as I never met him before my initial Nov 2015 discussions but I will use him again when the need arises.
Personally, I think your whole experience should be good. If a HML doesn't know it's docs to collect up front, then they are clearly not the one lending the money and the underwriting process they use could be arbitrary. A great HML should give you one set of docs. to collect, not have upfront fees (except for a valuation on the home), communicate well with you during the process and fund as agreed. If you are not getting ALL of these things from your HML, I suggest you continue to shop. A few year's ago there were not so many options, but now, even the HMLs better be awesome, or have a unique product, or they won't be around very long.