Freedom Funding

[Larry Woods]

Hey BP family, I'm looking to see if anyone in the BP family has used freedom funding? It's sounds good but if they are asset based lending why do you have to pay before you even have a property under contract? Thanks in advance Larry

[Vince Mayer]

@Larry Woods

Freedom funding is legit. They do have a real estate company affiliated with them and they will do a credit check to make sure you're not a felon or behind on child support etc. However they are an asset based lender and are a hard money lender.

They require you to pay for a appraisal/BPO and want to make sure you have enough money to cover the first draw on a rehab and the interest costs to the lender. They will let you do a no money down loan but they will take 30% of the profits. If you put 10% down they'll get 20% and 15% down they'll take 10%. After that it's just interest and points. Up to 16% interest and I forget how many points (I thinK 6) This decreases based on your experience and money down.

They also require you to take and pass a class. They have extensive training both for the lending side and for the rehabbing side. They don't encourage you to use them over private money but if you don't have a lot of cash it's a good way to start and build some profits if you are rehabbing and selling.