Anyone work with Eastside funding lately?

[Trent Parker]

Thinking about hoping into bed with a deal using Eastside funding. Curious to know if anyone has had good or bad experiences with them.

[Nghi Le]

@Trent Parker @Rick Heinz

I heard Eastside has stopped funding off-market deals?  Have you been able to get a loan from them recently?

12% and 2pts sounds pretty expensive, especially for a 5-month loan.  When I did a couple of loans with them a few years ago, they were going to charge 5pts on the rehab funds, so I decided to only do a purchase loan.  Is that still true?

I honestly don't believe anyone should be paying double-digit interest rates for hard money, and I'm on a mission to change that.  I closed on a flip last month at 8.54% interest, 1.25pts, 95% of purchase and 100% of rehab, and 9 months for the loan term with extensions being 1pt for every 3 months.  I believe ESF is 1pt for every 45 days for extensions.  Just be really careful with those 5-month loans, especially in the changing market we are in today.  Houses are sitting.