Has anyone heard anything about Sherman Bridge Lending offering a 6.99% loan on rehabs? I got an email from them saying they offer lending on rehabs for 6.99%. Is anyone familiar with this program or have you used Sherman to finance any of your flips?
I have talked to them a few times. If I am not mistaken that is for rentals only. That loan is a transition loan so you can finance your rehab. If you do not refi with them they charge you some $$, I forgot their exact number. it seemed like a pretty decent deal. When i talked to them a benefit was they were a little looser on the 20% down which could be a benefit. Loans have to be in your personal name.
I ended up going with some one else since I pretty much had it set up but i am going to re-review on my next rental.
They are pretty heavy into the REI club circuit in DFW area so I am sure you can find them at one pretty easily.
If you don't mind me asking, who did you end up going with? I am in the DFW area talking with Sherman right now. Was who you went with better, you think? I have been really impressed with them so far but I haven't pulled the trigger yet. I really like their landlord loan program (buy and rehab with hard money at 9.99% then they refi within 90 days to a 30yr fixed at 4%).
Just talked to them, Basically what they are doing is to collect the interest upfront by offering higher origination fee of 3.5% vs. 3% of other hard money lender. On the refi site , they could not do more than 5 properties now. In general, i think the program is ok for new investors but not great. The best lenders are the one that you have establish relationship with and will give you better rates as you build your business.