Hard Money Lender- Do Hard Money

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Ann Bellamy
Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
9y

There are a bunch of threads already on them here on BP, do a search on BP for dohardmoney and for do hard money, and you'll find lots of info

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  • Arissa Pedroza
    Real Estate Agent · San Antonio, TX · Member since 2013 · 153 posts · 132 votes
    9y

    They were horrible!  Took forever.  Had a different answer every time.  Couldn't fund a deal because the people who did the 'comps' were using comps from over a mile away and homes with a 30 year built.  I told them I am a REALTOR and had to do my own comps and at the end of the day, they still wouldn't fund a deal with a $40k profit.  Waste of time and very unprofessional.

    1Reply
  • Ann Bellamy
    Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
    9y

    There are a bunch of threads already on them here on BP, do a search on BP for dohardmoney and for do hard money, and you'll find lots of info

    1Reply
  • Jason Hirko
    Lender · San Antonio, TX · Member since 2016 · 1k+ posts · 1k+ votes
    9y

    @serena Ocenas all you need to know is here:

    https://www.biggerpockets.com/forums/92/topics/203379-do-hard-money

    0Reply
  • Serena Ocenas
    OP
    Real Estate Professional · Chicago, IL · Member since 2015 · 91 posts · 16 votes
    9y

    You are all amazing! Thank you

    1Reply
  • Shahid Jamal
    Investor · Dallas, TX · Member since 2018 · 6 posts · 1 vote
    7y

    This was certainly very helpful!  Thanks guys!

    0Reply
  • Peter LoudisPro Member
    Real Estate Agent · Dallas, TX · Member since 2017 · 23 posts · 10 votes
    7y

    @Arissa Pedroza Have you found a hard money lender that you prefer?

    1Reply
  • Arissa Pedroza
    Real Estate Agent · San Antonio, TX · Member since 2013 · 153 posts · 132 votes
    7y

    @peterloudis yes PM me

    0Reply
  • Michaela Cephas
    Realtor · Greensboro, NC · Member since 2017 · 5 posts · 5 votes
    6y

    DHM is ridiculous. They use the lowest comps they can possibly find to give you your ARV. They require comps within 1 mile 10%+ or 10%- the sqf of the subject property and it has to be sold within the last 90 days. I live in a city that can change from middle class to lower class pretty quick and they don't use newly renovated comps, they use the bare minimum as long as its inhabitable.They also start charging higher interest rates and origination fees for more expensive projects, and even add a $1,600 single purpose entity fee. They require your contract to be assignable or the buyer to be " [address] Industries, LLC", which is complicated to explain to a seller, especially if they have a good Realtor. Overall, finding a deal that will qualify is virtually impossible. I could go on and on. I wrote a BBB complaint and hope to be refunded my deposit.

    1Reply
  • Tony Blasioli
    Rental Property Investor · Denton, TX · Member since 2018 · 37 posts · 44 votes
    7mo

    You need a lender who does desktop appraisals. I trust lenders to do the comps before I trust a residential appraiser to do comps for an income-producing property. And, you save the cost of the appraisal plus a lot of time.

    0Reply
    • Erik EstradaBusiness Member
      Lender · Member since 2022 · 6k+ posts · 1k+ votes
      7mo
      Quote from @Tony Blasioli:

      You need a lender who does desktop appraisals. I trust lenders to do the comps before I trust a residential appraiser to do comps for an income-producing property. And, you save the cost of the appraisal plus a lot of time.


      The desktop appraisals can be a hit or miss especially on a unique property. I find that if it is a local HML that knows the area better, they will be able to value the property without the appraisal or desktop appraisal. Alternatively if the property has a high renovation budget and low purchase, the appraisal will be necessary to provide an accurate value.

      Depending on who you work with, you can also be in a situation where a HML slashes value, and requires you to put more money down, which can put you at risk to lose your EMD.

      It's good to have both options and a back-up! 

      [email protected]818-269-7983
      LuxePrivate Investments LLC 572 Reviews
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