First hard money loan

12 Replies

Hello BP,

I have found a deal that I want to try and flip, this will be my first one so I'm nervous about the lending. I called a HML called do hard money, they have a website up and have testimonials but just wanted to check on here to see if anyone has any experience with them?

Location: Birmingham, AL

Nicholas, I’m not sure about this particular hard money lender, but we have had good success with RCN Capital for flips we have done in the past. 10% down and 10% IO while funding the rehab as well. I have moved onto multi family investments but they are a good resource to check out for 1-4 units. Let me know if I can help in any other way.

-Doug

@Nicholas Groover When I started looking at HMLs I looked at them because I came across an advertisement but after doing some research I was turned off by the upfront cost they require.

Search them on google and put "Bigger Pockets" after the name. Most have been brought up a time or two and it brings up more relevant information than BPs search function. You get your best reviews right here.

@Nicholas Groover how does that work for fix and flips because don’t they usually balloon after like 8-12 months and payment is due.

I would like to use HML but I know it's a high interest rate also but it seems that may be only way I can buy fix up and sell a property etc. can you refi a HML for the 70-80% ARV after the fact?

Originally posted by @Nicholas Groover :

Hello BP,

I have found a deal that I want to try and flip, this will be my first one so I'm nervous about the lending. I called a HML called do hard money, they have a website up and have testimonials but just wanted to check on here to see if anyone has any experience with them?

Location: Birmingham, AL

 They have been discussed on here before. I also talk to many prospects who have been in touch with them

There have been people with good experiences with Do Hard Money,  so they are a real lender. Most people find the 100% finance offer attractive.

Biggest complaint I hear is if you end up not using them you are out 3 grand. I personally would not put up 3 grand.

Secondly people have said they are so selective in deals they fund that a person may never find a good enough deal. 

@Mark Leclair yes I haven’t done a deal yet but to my knowledge it is very short term, but long enough to fix, rehab and sell if done properly. You always want to have more then one exit also so if you can not sell in that amount of time may look at trying to refi out and rent the property. Always have multiple exits