Has anyone got funding from this Hard Money Lender in MI or anywhere lately? They ask for a refundable deposit & then you can't get anyone on the phone or an actual loan quote once you complete the application. There line always says they're experiencing high call volumes from opening to close of business.
Just wondering what anyone else has experienced
They have contacted me and said that they would give me access to their tool for 50% off at 200.00 which covered 3 months of use. This tool would allow you to figure out the value of the property and how much you should pay and with this they would be able to determine if they could fund you. They offer every good deal gets funding. I talked to them for about 20 minutes but didn't do anything with it. I haven't called them back as of yet. However, I do live in Florida. I don't really know anything about this company specifically. Other users might be able to give you more information than I could.
Hope that helps somewhat.
I cannot speak to if whether or not they will come through and lend or not, but I can say I wouldn't be interested in a company that charges people a monthly fee to provide them with fake POF letters.
you might want to check out another BP forum from 2010 Here not to mention if you do a simple google search for dohardmoney.com ripoff you will see a plethora of sites that warn against using them. You can also check out the Better Business Bureau (BBB.org) they give the company an "A" rating but they do have some complaints against them. I think the biggest complaints are that they charge high fees and they require upfront fees. I recommend you search the google machine as well as the BP sight to educate yourself a bit more.
Thanks everyone for your input. I highly advise against using them! They do not respond to voice mails, emails or anything else. I was on the phone with a loan rep & they conveniently hung up/got disconnected with me. She insisted they had been trying to call me several times on 10-23-2014. I said it was impossible because I have received all calls from everyone else, what number were you calling? Then conveniently, disconnected. Voice mail greeting says they are experiencing high call volumes from the 1st minute they open to the last minute they close. DO NOT USE THIS COMPANY! At least not for funding anything in Michigan.
I am an investor and just finished my first deal through DoHardMoney and made a profit of $12800 by flipping a property.
I must say that my experience with this company was very good. I got answers to all my questions. Got very professional advise . Most important they kept their promises and I was aware for all my cost and charges right from the beginning. They brought a client within 7 working days and I have been able to close the deal within a very short period of time.
This deal was a win - win situation and all of us made a nice profit
Harry Rothstein- Israel
Disclosure - Director of PR for Do Hard Money
@Damon Jordan we did have some problems as we were growing and we were unable to keep up with the call volume- we apologize
At DoHardMoney we do things a little different than most Hard Money Lenders and as a result we’ve disrupted things in a way that competitors feel the need to raise doubts and concerns about our systematic approach and our business model. In addition, we occasionally get individuals that “know someone” that’s done business with us and because of the unique approach new investors can get confused on the process we follow.
So here’s a breakdown of questions and concerns that frequently come up.
- 1.First and foremost, if you are a customer and you’ve had an experience that’s caused you any frustration we’d invite you to contact us directly and give us an opportunity to resolve your concerns.
- 2.Most Hard Money Lenders require 10-20% Down, decent credit and some experience. We have no down payment requirements. If you have 10-20% down we might not be the best option for you, but for the individual that's looking at a high ROI by not having to bring a lot of money to the table we might be your best option. Also, we work with investors that have bad credit and we don't require past experience.
- 3.Our Interest Rate is 15-18% as an Annualized Rate. Our standard loan is a 5-month term which puts the effective rate at 6.25% - 7.5%. So a loan of $100K would have an interest rate of $6,250 to $7,500. Compared to a loan with a 12% interest rate you’re looking at a difference of $1,250 - $2500.
- 4.Each property does go through an evaluation process where we send out 2-3 local independent evaluators to the property to determine the After Repair Value of the property. They are local licensed real estate agents that are active in the local community. They pull 3 active and 3 sold comps in addition to completing an interior evaluation of the property with an initial breakdown of needed repairs to get the property in resalable condition. The evaluation process does require $650.
- 5.In part, with the evaluation process, you are paying for a quick turn time. Our Evaluators will be out to the property within 24-48 hours of us reviewing your loan application with you. If the initial numbers look good there’s no time to waste and we understand the need to get the results of the evaluation back to you ask quickly as possible.
- 6.The draw back to an appraisal, you’re hanging your hat on one individual’s opinion, the turn time is 5-10 business days, appraisers’ expertise is in establishing the As-Is Value not the After Repair Value.
- 7.We do require a $2500 deposit to get access to 100% Financing. We will finance up to 70% of the ARV with no required down payment. If you're purchase, rehab and closing costs are 70% or less you will bring nothing to the table. In addition to this, the deposit gives you access to the following:
- a.Advanced Deal Analysis Software – enter the purchase price, rehab costs and After Repair Value and we’ll give you a comprehensive break down including costs, net profit, and potential cash to close.
- b.Access to Proof of Funds – 24/7
- c.Contracts and Checklists
- d.Additional Tools & Resources to help you avoid common pit falls in evaluating, rehabbing, negotiating and reselling the property.
- e.Your first evaluation is covered with the deposit.
- f.If the needed funding is more than 70% but it’s still a profitable deal, we’ll work with you to potentially wholesale the property and still make money on the deal.
- g.The remaining $1850 is rebated back to you once you resale your first property.
- 8.Just like every other Hard Money Lender, one of the biggest challenges is helping new investors get dialed in on establishing accurate After Repair Values. Most complaints on bigger pockets are customers that are frustrated with the After Repair Value that’s established by our local evaluators. It can be disheartening when the values don’t come back as high as hoped. This frequently is a case of overly optimistic investors looking at a deal from a best case scenario. When there are disagreements with the potential borrower we do provide a dispute process allowing the customer to have us take a second look at the evaluations.
We’re not pretending to be something we’re not. For a lot of new investors with limited options we are often times the only viable option they have. We’re more than happy to give you a comparable breakdown of how our costs and cash to close compare to other Hard Money Lenders
Jacque Fairbourn, DoHardMoney.com | 800‑284‑0076 | http://www.DoHardMoney.com/biggerpockets
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