I recently became a pro member here. After a lot of research and planning I am ready to move forward with my first deal. I have come across many, many hard money lenders who are interested in lending me money. Other than their website and some phone calls, I have no idea who these guys really are.
Does anyone have any recommendations for hard money lenders in Florida? Preferably someone that you have used before.
Or a good way to screen these lenders to make sure they are on the level.
This is a big step for me and I do not want to get scammed on my first shot.
Lender · Charlotte, NC · Member since 2017 · 131 posts · 59 votes
8y
Martin Schriber congrats on making the move to get your first investment. I think your best bet is to make sure you work with a direct lender and not a broker. If you go through a broker you will pay extra. I would always ask “are you a direct lender?” The other thing to check is would they work for what you’re trying to do. Some lenders won’t lend to someone who doesn’t have previous mortgage history or they won’t fund rehab if you haven’t had some experience in the past.
If you’re still struggling, that’s when I would recommend getting a broker involved. Their network would be beneficial.
Happy to speak at more length so feel free to call, email or PM. I can help depending on the project.
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
8y
Be careful of HML that want advance fees. Points are OK as long as they are paid at closing. Also an appraisal fee is common so don't let that worry you. I have found lots of dishonest lenders (especially CL) so remember if it is too good to be true it probably is. Expect to pay at least 9% if not more.