HML and contracting license.

3 Replies

hey so i want to call a HML that's listed here on BP but I want to make sure I know everything they're going to want to know for a deal. I know most only lend 70% LTV. So is it all about the comps, and how much you can negotiate the purchase price too? So that they know they get their money back regardless.

I've never used a HML but I've talked to a few of them. The ones I've talked to do their own appraisals, and want to meet you out at the property to determine value. Some want you do you have skin in the game depending on your experience and the deal. You will have to call them and see what they are looking for. Don't forget that they need to lend money to his bed if you need to borrow it. Good luck.

Problem with them is, you still need money, I have called a few but put the phone down to rest, either they need you to have the funds to survive for 6 months, closing costs and whole bunch of yada yada, BP advises I do joint ventures with a RE investor a couple of times before returning to them, which is the path I am taking.