Hard money loan experience

[Tyrone Hardy]

Hello all,

Looking for some feedback on experience using hard money loan for a flip particularly in the Seattle area. Who did you use, good/bad experience, profit etc.  

Thanks,

Tyrone

[Stephanie P.]

@Shawn Ward

HML's are good for flipping, but they're going to want to know your exit strategy; how are they going to get paid back. That should be your number one concern going in; how are you going to make your money back. From what I've seen, the number one mistake people do is put upscale finishes on a mid level property. Maybe you know this and I'm preaching to the choir, but make sure you don't over improve, dont' go past the scope of work or essentially dump more money into the project that you can't get out either by selling or if you have to become a landlord because the market fell.

@Account Closed is right about Lending Home.  They are the biggest, but from what I've heard, they chew up appraisals to make sure they're in the best equity position possible.  Realty Shares is very good and responsive.  Liz Hartland is over there and does a nice job.  Both are going to cap you at 80% generally (Lending Home says they go to 90, but based on what I've run through their underwriting engine, 80 is where it's at) depending on experience.

Good luck,

Stephanie