Best hard money lenders in mass and ri?

[Richard Cole]

Hi everyone,

I'm looking to finance my first flip, so I was wondering which lenders people in my area have had success with? 

Ideally, we need a lender who can approve quickly, is reliable and reputable-- no scams! 

Any suggestions for the New England area? Advice, questions I should be asking/aware of, and your experiences, etc are all greatly appreciated.

Thanks for the help. 

[Ann Bellamy]

Well, of course, I want to think I am the best. :-)

The best way to find any kind of professional is word of mouth, just like you are doing here.  But also attending local events will allow you to ask around just like you are now, but the virtue of a local group is that the entire audience is local.  My Black Diamond event is tomorrow, Tues, I have posted it here on BP.  I'll be there, so obviously you can ask about me.

As for questions, ask about not only terms, rates and points, but about add-on fees, what happens if you have to extend the loan, how quickly do they realistically close, do they charge for appraisals, do they have upfront fees before close, and where do they get their money.

The reason you want to know the last, is that sometimes small lenders will commit money that they actually haven't received back from another deal.  If that other deal doesn't close, they can't fund yours.  And larger lenders make you go through the whole process before they do their underwriting, and it's weeks down the road before they turn you down.  You want someone who underwrites within a couple of days of application so there are no more hiccups except title.