We have recently started working with a Hard Money Lending Company called Flip Funding, which we found on this site. Has anyone worked with this company before, and if so do you have any feedback that could be helpful? We are in the process of purchasing a home that is time sensitive and with the amount of time they are taking in underwriting we could have gone with a Conventional loan. I thought Hard Money Lending is to speed up the process so you don't miss out on the deal.
How long has it been since you applied? Is this a foreclosure?
@Carlos Joel Garcia the short answer here is yes, Hard Money is totally designed to close quickly. As in 5 days. If this lender is not meeting your needs then go somewhere else. Maybe even ask in the Pennsylvania forum for some local recommendations (if the property is in PA that is). Good luck!
@Carlos Joel Garcia Hard Money is for leveraging people's money not necessarily speed. Lenders can typically close in less than 10 business days, but there is so much that can slow down the process. More risks equal more time the underwriter can take looking over the file. He may also be searching through his banks and investors for the best method to fund the deal.
Thank you all for your responses. Here is the case: 6 Bdr, 2 bath, 2 dinings, 1 Living Room, Victorian in one of the most expensive areas in town. College Hill next to Lafayette College in Easton, PA
Cost of Property: $170,000
Appraised ARV: 375,000 low end with $425,000 high end
Renovations: 91,000 and will take 6 month to completion
$60,000 In liquid assets, Credit scores between 690 and 730
Projected Net Profits are $100,000, in my estimates, this is a HOME RUN!!
Your comments are welcome
Unfortunately, some of the national hard money lenders can take 3 weeks to close on that first deal. I might be able to help you find something. Couple of questions though:
- How fast are you looking to close? i.e. closing date?
- What's your experience like, i.e. how many properties have you sold or BRRRRed/refinanced in the past couple of years?