Has anyone worked with Accolend (HML) out of NJ?

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Has anyone worked with Accolend (HML) out of NJ?

Ben C.

Metuchen, NJ · Member since 2015 · 374 posts · 27 votes

If anybody has heard of or worked with this lender before please share your experiences.

If you worked with someone else please let me know lenders name and how it went.

Thanks you!

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Ryan Goldfarb

Flipper/Rehabber · Jersey City, NJ · Member since 2012 · 204 posts · 109 votes

Hey @Ben C.-- I worked with the Accolend team when they were ALAL. They just re-branded recently.

I had a good experience with them. They were straightforward and simple to work with as far as HML goes.

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Ryan Goldfarb
Flipper/Rehabber · Jersey City, NJ · Member since 2012 · 204 posts · 109 votes
8y
Hey @Ben C.-- I worked with the Accolend team when they were ALAL. They just re-branded recently.
I had a good experience with them. They were straightforward and simple to work with as far as HML goes.
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Ben C.
OP
Metuchen, NJ · Member since 2015 · 374 posts · 27 votes
8y
@Ryan Goldfarb would you mind sharing more details about the project (rates) and how it went with them? Thanks!
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Ryan Goldfarb
Flipper/Rehabber · Jersey City, NJ · Member since 2012 · 204 posts · 109 votes
8y
@Ben C. -- it was about 2 years ago so my memory is a bit hazy. I believe it was 10.75% with no points (just their attorney's fee, appraisal, and inspection). We also paid $125 or so per inspection prior to our draws. The project was a SFH flip in Jersey City.
They were responsive and reasonable throughout the process. Didn't really experience any friction... They stuck to their word.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
Originally posted by @Ryan Goldfarb:

@Ben C. -- it was about 2 years ago so my memory is a bit hazy. I believe it was 10.75% with no points (just their attorney's fee, appraisal, and inspection). We also paid $125 or so per inspection prior to our draws. The project was a SFH flip in Jersey City.
They were responsive and reasonable throughout the process. Didn't really experience any friction... They stuck to their word.
thats a smokin deal for HML !!!!
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Ryan Goldfarb
Flipper/Rehabber · Jersey City, NJ · Member since 2012 · 204 posts · 109 votes
8y
@Jay Hinrichs -- Yes, by most standards. That was 2 years ago. Nowadays, there are a number of groups that are even more competitive than that for experienced guys around here, though.
Deals are scarce, but the competition to fund deals is just as fierce when you're a stone's throw from the financial capital of the world. No shortage of capital chasing deals around these parts.
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Ben C.
OP
Metuchen, NJ · Member since 2015 · 374 posts · 27 votes
8y
@Ryan Goldfarb Would you be so kind to share what groups are more competitive then that? I used all cash on my first deal and was looking at HML but at 10+% and points it just made the juice not worth the squeeze.
Hope the Jersey City flip went great. I used to live in Hoboken so know the area well!
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Ryan Goldfarb
Flipper/Rehabber · Jersey City, NJ · Member since 2012 · 204 posts · 109 votes
8y
@Ben C. - I haven't investigated too deeply, but Alpha, ABL, and some of the national guys (like LendingHome) advertise programs starting at 8-9% or so. No clue on the terms, and they may require points up front.
And thanks! Sold out of it pretty quickly... All in all, it went well!
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Ben C.
OP
Metuchen, NJ · Member since 2015 · 374 posts · 27 votes
8y
@Ryan Goldfarb glad to hear it went so well! So do you not operate with HML anymore? I was on the fence between going at it all cash again or HML... Obviously traditional banks just aren't an option as you can never compete with other offers on investment deals.
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Ryan Goldfarb
Flipper/Rehabber · Jersey City, NJ · Member since 2012 · 204 posts · 109 votes
8y
@Ben C. - I've been primarily using private money these days
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Ben C.
OP
Metuchen, NJ · Member since 2015 · 374 posts · 27 votes
8y
Originally posted by @Ryan Goldfarb:

@Ben C. - I haven't investigated too deeply, but Alpha, ABL, and some of the national guys (like LendingHome) advertise programs starting at 8-9% or so. No clue on the terms, and they may require points up front.
And thanks! Sold out of it pretty quickly... All in all, it went well!
Based on my research it seems like Accolend is one of the only ones offering the loan with no points.
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Ben C.
OP
Metuchen, NJ · Member since 2015 · 374 posts · 27 votes
8y
Originally posted by @Ryan Goldfarb:

@Ben C. -- it was about 2 years ago so my memory is a bit hazy. I believe it was 10.75% with no points (just their attorney's fee, appraisal, and inspection). We also paid $125 or so per inspection prior to our draws. The project was a SFH flip in Jersey City.
They were responsive and reasonable throughout the process. Didn't really experience any friction... They stuck to their word.
I knew there was one thing I forgot to ask! Do you remember what % of the purchase and rehab they funded? They are telling me only 75% of each.
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Ryan Goldfarb
Flipper/Rehabber · Jersey City, NJ · Member since 2012 · 204 posts · 109 votes
8y
@Ben C.-- I believe it was 72.5% of Acquisition and 75% of Rehab.
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Ben C.
OP
Metuchen, NJ · Member since 2015 · 374 posts · 27 votes
8y
Originally posted by @Ryan Goldfarb:

@Ben C.-- I believe it was 72.5% of Acquisition and 75% of Rehab.
Many thanks for the quick reply.
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Ben C.
OP
Metuchen, NJ · Member since 2015 · 374 posts · 27 votes
8y
@Jay Hinrichs would you be mind sharing the steps on how a HML loan works from start to finish? You will fill out an application and then what? How can they agree to a loan on the rehab $ amount when this amount can't be known until you have the architectural plans priced out by your contractor (which obviously you wont have until after you secure the property)?
Must you get an appraisal like on a traditional mortgage? If so, you will need an appraisal contingency in the offer?
You need to front the money at each step and then are reimbursed through draws?
Thank you!
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Frank Y.
Lender · Philadelphia, PA · Member since 2017 · 225 posts · 72 votes
8y
Ben C. Hello, Ben. I am a private lender in East PA and we lend to central and south Jersey. We can fund 85% of purchase price and 100% of rehab. We don’t need appraisal and don’t charge any application fee or underwriting fee. Email me at “frank at privatelending.com” should you need more info. Thanks.
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Frank Y.
Lender · Philadelphia, PA · Member since 2017 · 225 posts · 72 votes
8y
Ben C. Hello, Ben. I am a private lender in East PA and we lend to central and south Jersey. We can fund 85% of purchase price and 100% of rehab. We don’t need appraisal and don’t charge any application fee or underwriting fee. Email me at “frank at privatelendingpa.com” should you need more info. Thanks.
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Valerie Turner
Investor · MA · Member since 2015 · 11 posts · 3 votes
7y
Hi Frank, I tried to email you to inquire about private lending and the email address was not recognized. Can you tell me if you are still doing private loans?
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Jenine Fitter
Lender · Teaneck NJ · Member since 2019 · 16 posts · 1 vote
7y
Hi @Valerie Turner, I am happy to help and point you to the right direction.
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