Looking for investors who have used either Angel Oak Prime Bridge or DoHardMoney.com

19 Replies

I am a new investor.

My investing partner and I are looking to do our first deal with no money down through my LLC. We need a hard money lender that will give us funding for the initial purchase and rehab, so we will need a ARV loan.

It seems as though these 2 lenders fit the bill. But, I am seeking any additional information and/or first hand experience that anyone could share about either Angel Oak Prime Bridge or DoHardMoney. Thanks in advance!

Hello,

I have a friend who is in the midst of using them and I am in the market for the same type of company.  Since there seems to be no reply to your inquiry yet I will keep you posted. We can obviously stay in touch and use each other's experiences to piggyback to success.

There appear to be several posts on hard money, but none that directly respond to the question of, "Has anyone used Angel Oak? And can verify their credibility."

I of course could hang missed it but using "do hard money" in the search leads to the over broad results.

In regards to dohardmoney.com

I have found their service to not be satisfactory. It is well organized but it doesn't work like they say. I have submitted several deals at 650 dollars per inspection BPO and I have yet to close a deal and for really petty reasons. They even said oh it's not a problem with us but with you...we have several other investors in your market who are closing deals with us and they have yet to provide references. Keep your money find a real lender it's an awesome waste of time and effort. Especially when you factor in EMD and other costs out of pocket. 2000.00 for access to the software and 5 - 650.00 inspections later and still no deals done because of crime or crime and crime or crime and crime...either way its crime. 75K spread in one deal - crime 650.00

42k spread in another deal - crime 650.00

83K spread in another - crime 650.00

17500.00 spread in another - crime 650.00

Plus the software 2000.00

I pulled out after the last one so I can't offer any other information. I haven't asked for a refund because there will be none.

Hi. Thanks for posting this. I'm curious to know if anyone ended up using Angel Oak. I spoke to them this morning concerning their long term programs. I have only used Lima One Capital which was a good experience. But Angel Oak's program is very competitive with theirs. Will be following hoping for additional feedback. 

Angel Oak stepped in to help me when I had a complex project that was nearly completed when a contractor walked off the job. I needed more time as my previous loan was about to expire. They approved the loan, agreed to provide more cash than I requested to complete the repairs, and then disappeared. I found out 3 days before the other lender was foreclosing that they had decided not to fund me. This was a shameful way to treat a good borrower. I will do all I can to avoid this lender in the future. 

I have experience on both lenders...

As far as my experience go, I will avoid dohardmoney. I have had 2 buyers who tried to use dohardmoney. At both times, it took more than 60 days before they got back to us informing us that they will not fund the loan.  I agree with @Shedrick Nettles , they will just ask you to spend money on BPOs and unusual inspections, which will take more time than normal, only to decline the loan at the very end. At both times, the properties were really good deals and I was able to sell them immediately to other buyers after the buyers using dohardmoney could not get financing. I  now make sure not to accept anymore offer from buyers using dohardmoney--I would always ask them to use another lender if possible.

As for AngelOak, I've used them twice on my own investments and have not had any issues at all. Both times, they were very helpful, responsive, and closed quickly. As long as you have the credit and reserves required, you shouldn't have any problem with them.

Hi Niki,

DoHardMoney is legit. I have done 2 deals with them. The 2nd deal I only had to put down a total of $5k including my insurance payment. I plan on using them again and again. As long as the numbers work, they will finance it. They are the only company that gave me a chance in this business because it their down payment requirement was much lower than everyone else's PLUS they are the only company that kept to their word. All these other lenders talk the talk but don't walk the walk. If you need any other information or want to partner up with me on your deal first so you can see first hand how they operate, let me know. With this business always throwing negatives at you it was nice to have a company like DHM.com be there to help me get started. The skies are now the limit for me!

I am currently using Angel Oak Prime Bridge and I am in Illinois so there are additional hoops that we have to jump threw for the state but my experience has been great!!! They have been very responsive to emails and in returning calls. Even with the additional paperwork required by Illinois they have gone out of there way to simplify the process. I am currently preparing the paperwork to process our second deal with them ( 1st one finishes up this week ...Yea). Will use them again and again.

Originally posted by @Paula Wallace :

Hi Niki,

DoHardMoney is legit. I have done 2 deals with them. The 2nd deal I only had to put down a total of $5k including my insurance payment. I plan on using them again and again. As long as the numbers work, they will finance it. They are the only company that gave me a chance in this business because it their down payment requirement was much lower than everyone else's PLUS they are the only company that kept to their word. All these other lenders talk the talk but don't walk the walk. If you need any other information or want to partner up with me on your deal first so you can see first hand how they operate, let me know. With this business always throwing negatives at you it was nice to have a company like DHM.com be there to help me get started. The skies are now the limit for me!

 Hi Paula,

Can you give more information of your successful deals with DHM? Location,  purchase price, rehab cost,  exit strategy, timing of draws (did you have a contractor willing to fund all rehab then receive payment later?), was a specific amount of reserves required to be in your bank account?  

I've actually paid their fee before and used the colorful software,  no deal came out of it and that $2500 upfront fee is only good for like 1 year.

the owner of DHM  says they no longer require that up front fee which is frankly quite unusual in the industry.

@Jay Hinrichs That's funny, because I just got off the phone with DHM and they told me I would need $3000 to start. And $650 would be deducted from my first potential property for inspection and appraisal. This conversation took place on 09/10/18 at 1030am CST. Between the comments on this forum and what I've read on the BBB website, I think I'll look elsewhere for financing.
Originally posted by @Dameon Brown :
@Jay Hinrichs That's funny, because I just got off the phone with DHM and they told me I would need $3000 to start. And $650 would be deducted from my first potential property for inspection and appraisal. This conversation took place on 09/10/18 at 1030am CST. Between the comments on this forum and what I've read on the BBB website, I think I'll look elsewhere for financing.

 well there is a thread on BP were the owner said they no longer require the deposit.. maybe that's for borrowers who have 20% to put down and maybe they only require the deposit for the no money down borrowers when in fact it is not no money you need the deposit and the inspection fee's.. its an unusual model they run.. and 

Originally posted by @Erin Elam :
Originally posted by @Paula Wallace:

Hi Niki,

DoHardMoney is legit. I have done 2 deals with them. The 2nd deal I only had to put down a total of $5k including my insurance payment. I plan on using them again and again. As long as the numbers work, they will finance it. They are the only company that gave me a chance in this business because it their down payment requirement was much lower than everyone else's PLUS they are the only company that kept to their word. All these other lenders talk the talk but don't walk the walk. If you need any other information or want to partner up with me on your deal first so you can see first hand how they operate, let me know. With this business always throwing negatives at you it was nice to have a company like DHM.com be there to help me get started. The skies are now the limit for me!

 Hi Paula,

Can you give more information of your successful deals with DHM? Location,  purchase price, rehab cost,  exit strategy, timing of draws (did you have a contractor willing to fund all rehab then receive payment later?), was a specific amount of reserves required to be in your bank account?  

I've actually paid their fee before and used the colorful software,  no deal came out of it and that $2500 upfront fee is only good for like 1 year.

Hey Erin,

I have done 2 deals with them.  Both I sold one was within the 6 month time frame and the other was closer to 8 months.  Renovation for first was around $35k and the second was $50k.  The contractor for the first one did get reimbursed as work was being completed.  I had some cash reserves so I did not do that with the second one.  I sold both of them as they were both in a great area.  Both deals fell under the $250k max loan amount.  

Originally posted by @Paula Wallace :
Originally posted by @Erin Elam:
Originally posted by @Paula Wallace:

Hi Niki,

DoHardMoney is legit. I have done 2 deals with them. The 2nd deal I only had to put down a total of $5k including my insurance payment. I plan on using them again and again. As long as the numbers work, they will finance it. They are the only company that gave me a chance in this business because it their down payment requirement was much lower than everyone else's PLUS they are the only company that kept to their word. All these other lenders talk the talk but don't walk the walk. If you need any other information or want to partner up with me on your deal first so you can see first hand how they operate, let me know. With this business always throwing negatives at you it was nice to have a company like DHM.com be there to help me get started. The skies are now the limit for me!

 Hi Paula,

Can you give more information of your successful deals with DHM? Location,  purchase price, rehab cost,  exit strategy, timing of draws (did you have a contractor willing to fund all rehab then receive payment later?), was a specific amount of reserves required to be in your bank account?  

I've actually paid their fee before and used the colorful software,  no deal came out of it and that $2500 upfront fee is only good for like 1 year.

Hey Erin,

I have done 2 deals with them.  Both I sold one was within the 6 month time frame and the other was closer to 8 months.  Renovation for first was around $35k and the second was $50k.  The contractor for the first one did get reimbursed as work was being completed.  I had some cash reserves so I did not do that with the second one.  I sold both of them as they were both in a great area.  Both deals fell under the $250k max loan amount.  

 Thank you for the response! 

I have used Angel Oak for both a hard money loan and a loan refinance.   We definitely got approved for both loans.  They have a few extra hundreds of fees, but we closed a loan on a house with a $50K profit potential.  The refinance loan was also beneficial to us for cash flow purposes.  I highly recommend Angel Oak Prime Bridge.

Selvyn L. Jordan


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