I recently had to walk away from a deal because I didn't have a good hard money lender.
Just wondering who's giving favorable LOC or similar loans, or even a good hard money lender. Looks like some are scams and others are fee heavy.
ANY help is greatly appreciated.
Most hard money lenders charge a pretty stiff fee and interest rate. Not sure what you're trying to get to, but they are pretty risky loans.
You could get a line of credit, but the fees are more than just for one single loan.
@George Genovezos Sorry to hear about your dead deal. Who was the lender and how did they drop the ball?
In any event, there are a lot of options to sift through on the internet so just try and find someone who seems to offer the most transparency and sets thorough expectations up front.
What I've learned about a lot of HMLs out there is that if it sounds way too good to be true, it probably is. Find someone who sets realistic timelines and under promises but over delivers.
You're not going to get a LOC from a HML.....you don't have a property to put up for collateral. The best you can do is a Preapproval letter, whatever that is worth, and understand what their exact criteria are.
@Alex Bekeza They undercut the ARV even through I provided comps.
@Stephanie P. Yeah. I get it but a 1% Line of Credit Fee, Commitment Fee = $895, and Legal Fee $2,500 starts to get excessive. I have a ~750 credit score and managing 24 units. It shouldn't be that difficult
@Wayne Brooks Not entirely true. I have a few apartments I could use as collateral.
So? is anybody give more favorable rates that what I listed above?
Okay. Probably won't find a better hml rate though....most HML's don't have an endless supply of money like banks do, the smaller ones run out of funds occasionally. Some banks will give you a loc on investment properties.