Atlanta, GA · Member since 2015 · 61 posts · 25 votes
Hello fellow BP members,
Have any of you guys done business with a virtual hard money lender , called Lending Home corporation..basically they are the latest hard money lender riding the crowdfunding platform. They approved a loan for my latest 160K/235K flip here in Atlanta and I was just wondering what anyone knew about them before I proceeded or if I should keep going private equity (50/50, mice & elephant style)?
Have any of you guys done business with a virtual hard money lender , called Lending Home corporation..basically they are the latest hard money lender riding the crowdfunding platform. They approved a loan for my latest 160K/235K flip here in Atlanta and I was just wondering what anyone knew about them before I proceeded or if I should keep going private equity (50/50, mice & elephant style)?
I'll be super interested in hearing if you work with them and what your experience is. Please keep us posted on this! Thanks!
I broker for them. They are legit and have the best rates and terms I've seen for institutional money. Its hedge fund money, though, not crowd funding. They are set up as a virtual lender, their thought was to streamline the borrowing process, but the loans rarely work out that way. They can be a pain in the *** at times, but they've improved a lot since January when they started.
Feel free to give me a call, the number on my tag line is my cell. I've borrowed from them myself and have done loans for others, glad to go over how they do things. If you want the personal/local touch, I can send it through for you, too. Costs the same to use me as going direct.
We've had an issue trying to use them on a loan. They were basically pulling 3 random agents to give their opinions on value and the one they came back on ours was about $50k short. It was disappointing, but I'm willing to listen if the process has been fixed.
Their terms seemed great, but in my experience those that do not lend in Atlanta have a hard time knowing the actual market if they're not located in the region. There are many sub-markets and can be tricky at times to appraise -- although as it's been recovering it's getting easier over time.
Yeah, Manesh I got crammed down on one myself, their valuation was way under what I'll sell it for. That can definitely happen around here. They do a lot more than averaging 3 BPO's, though. I've looked at their valuation stuff. Doesn't seem to be as big of a deal in other areas, but yeah, they definitely dont get the local market.
Their terms were still better than than the other lenders in town, though. They do 90% of purchase and 100% of rehab, so even with the cramdown I got more from them than I would have out of say Lima One at 65% LTV with a 20% participation requirement.
I'm in the process of using them for a loan. So far so good. They have good rates, good flexibility, and @Darrell Shepherd provides free consulting as an added bonus. :-)
They should definitely be on your short list, if not the top of the list. Especially if you're an experienced rehabber/investor. Experience affords you some very competitive rates.