Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 12 years ago on . Most recent reply

User Stats

11
Posts
0
Votes
Mateus Silva
  • Fall River, MA
0
Votes |
11
Posts

Hard money lending

Mateus Silva
  • Fall River, MA
Posted
Good afternoon to every member of bigger pockets nation as I'm fairly new I was wondering what are the criteria for a hard money loan ?

Most Popular Reply

User Stats

3,269
Posts
2,368
Votes
Ann Bellamy
  • Lender
  • Tyngsboro, MA
2,368
Votes |
3,269
Posts
Ann Bellamy
  • Lender
  • Tyngsboro, MA
Replied

While it is true that hard money lenders as a group have that reputation, it is not true that all hard money lenders by nature are predatory.

The key is to find someone reputable. And even @David T. seems to acknowledge that he has used highly reputable hard money lenders. :-) It seems that different areas of the country have different concentrations of disreputable lenders. And certainly, the ones that are predatory make it exponentially more challenging for those of us who have good reputations and are not trying to take your property.

This is not a solicitation for a loan, because I don't lend in Fall River. But there are some pages on my website that list various requirements for a hard money loan. Each lender will have their own criteria, but that is a starting point for you. There are also pages about what to expect in the process. You can also listen to my Bigger Pockets podcast on hard money lending which many have found useful.

In addition, when you find a lender in your area and want to know his/her reputation, come back to this thread or private message me, and I'll tell you what I know about that lender, if anything.

It is critical that you ask around for the reputation of the person you are considering doing business with. I can't tell you how many times people in my network have gotten burned by someone, frequently in a partnership or mentorship situation, and they never asked around because they didn't want others to scoop their deal. Instead, they are taken, and when we hear about it after the fact, all we can say is we wished they would have asked, because possibly we could have prevented it.

Loading replies...