Happy September BP lovers! Wanted to start a discussion around financing, specifically "hard money lending". What can you do to be a better customer for a hard money lender allowing them more trust to lend to you? Who are the best hard money lenders in the Tampa, Fl market? Who are the newest players who are hungry to finance deals? What can you do to find more hard money lenders?
Your best bet is to either have experience or the ability to put money into the deal, preferably both.
Hi Michael! The best thing that someone can do to be a better customer for a hard money lender to trust them to lend to you, is first and foremost to be 100% truthful from the beginning about the whole situation and filling out application to the best of your ability. The "trust" to lend to a customer comes from the asset (and location of the asset), their creditworthiness, and their experience. If you have 0 experience or 10 years of experience, you can still qualify for a loan the terms will vary though. Please PM me so we can speak further and I will be able to answer any questions you have!
If you are brand new you will fall in the same rate range with 99% of HMLs 3-4 points and probably 13-14%. Even if you are "partnered" with someone with experience and you are the one securing financing, it doesn't matter. If you can find someone with experience to get better terms, then you help out in other ways. At the end of the day they only care about skin in the game and experience, with experience trumping.