My Experience with DoHardMoney
Wholesaler · Monee, IL · Member since 2015 · 5 posts · 3 votes
We completed our 1st deal with DoHardMoney. Our representative Lisa McCook was instrumental in getting our deal completed. We now have a rehabbed property currently on the market at 9301 S Troy in Evergreen Park IL. I will say in the begging it was a little confusing because I am a former banker and these loans are not your traditional loans or process. Once you understand the process and have a good representative to basically hold your hand it will be smooth sailing. We will definitely use DoHardMoney again.
I smell a shill.
@Aisha Scott - can you provide more detail about the loan? I'd be most interested in the following:
Interest Rate:
Points:
Term:
LTV:
Any other hard requirements:
I smell a shill.
Well, I stand corrected. Just looked it up.
Bought in Feb for $80k, mtg from Dohardmoney for $134k. Well, well.
Hi all...no reason to be deceitful if you pull up the property as someone just did you will see that Dohardmoney is holding the mortgage and it is currently listed. Again ...if you don't thoroughly 7nderstand their process or don't have a good representative then it can be frustrating. We did start off with a rep who was questionable but when I stayed on top of it I got the representative we hoped for. I think just like in any company some people just take a job and are there but others take pride in it. My advise would be just to be fully aware of their process before you sign anything.
Aisha
Hi all...no reason to be deceitful if you pull up the property as someone just did you will see that Dohardmoney is holding the mortgage and it is currently listed. Again ...if you don't thoroughly 7nderstand their process or don't have a good representative then it can be frustrating. We did start off with a rep who was questionable but when I stayed on top of it I got the representative we hoped for. I think just like in any company some people just take a job and are there but others take pride in it. My advise would be just to be fully aware of their process before you sign anything.
Aisha
In two posts, you've now made three references to the challenges of understanding their process. What's so different or special about their loans?
Hello Kristen, this was my 2nd Hard Money Lender that I used. So I'm still new to the game. I used a Hard Money lender because I didn't have the capital and my debt to income ratio was off....so being a former banker and doing mortgages the traditional way for me was going to be very challenging so I opted to go with hard money lenders on my first few deals. When I build my capital up and increase my pool of private money I will just have more choices available to me when funding a deal. I am by no means an expert. I am just a seeker of information and enjoy the education I receive from groups like this. I saw so many bad posts about them while doing research I just wanted to share my experience. I said it was a little challenging in the beginning because I didn't understand some of their requirements. Honestly I had another deal that I was closing up on so I will also take responsibility on not being focused. I did also start off with a rep that didn't hold my hand as a new investor so that also added to my confusion.... but that was quickly resolved and then I had someone with me through every step of the way. So I appreciate them because I personally would not have been able to close the deal without them or my 1st Hard Money Lender. If you all know of other avenues of creative financing Please let me know. I do not work for them or receive any discounts so I'm always looking for better deals!!! It's business not personal.
Aisha
@Aisha Scott - can you provide more detail about the loan? I'd be most interested in the following:
Interest Rate:
Points:
Term:
LTV:
Any other hard requirements:
she forgets to put that they charge a HUGE $1800 upfront fee that is non refundable if you dont close.. and they take like a month to close.
To my those are the parts of the process I wouldn't understand.
As a lender that charges ZERO upfront and closes in 5-7 days.. anything different from that would confuse me!
Hello Kristen, this was my 2nd Hard Money Lender that I used. So I'm still new to the game. I used a Hard Money lender because I didn't have the capital and my debt to income ratio was off....so being a former banker and doing mortgages the traditional way for me was going to be very challenging so I opted to go with hard money lenders on my first few deals. When I build my capital up and increase my pool of private money I will just have more choices available to me when funding a deal. I am by no means an expert. I am just a seeker of information and enjoy the education I receive from groups like this. I saw so many bad posts about them while doing research I just wanted to share my experience. I said it was a little challenging in the beginning because I didn't understand some of their requirements. Honestly I had another deal that I was closing up on so I will also take responsibility on not being focused. I did also start off with a rep that didn't hold my hand as a new investor so that also added to my confusion.... but that was quickly resolved and then I had someone with me through every step of the way. So I appreciate them because I personally would not have been able to close the deal without them or my 1st Hard Money Lender. If you all know of other avenues of creative financing Please let me know. I do not work for them or receive any discounts so I'm always looking for better deals!!! It's business not personal.
Aisha
Could you please answer the question?! What were the challenges or things you didn't understand in their loan process?
Hello Kristen, this was my 2nd Hard Money Lender that I used. So I'm still new to the game. I used a Hard Money lender because I didn't have the capital and my debt to income ratio was off....so being a former banker and doing mortgages the traditional way for me was going to be very challenging so I opted to go with hard money lenders on my first few deals. When I build my capital up and increase my pool of private money I will just have more choices available to me when funding a deal. I am by no means an expert. I am just a seeker of information and enjoy the education I receive from groups like this. I saw so many bad posts about them while doing research I just wanted to share my experience. I said it was a little challenging in the beginning because I didn't understand some of their requirements. Honestly I had another deal that I was closing up on so I will also take responsibility on not being focused. I did also start off with a rep that didn't hold my hand as a new investor so that also added to my confusion.... but that was quickly resolved and then I had someone with me through every step of the way. So I appreciate them because I personally would not have been able to close the deal without them or my 1st Hard Money Lender. If you all know of other avenues of creative financing Please let me know. I do not work for them or receive any discounts so I'm always looking for better deals!!! It's business not personal.
Aisha
There are tons of hard money and private money options. Especially for properties purchased right. Pure equity lending is done in all markets I know of. Was this lender the best you could do? Who else did you talk to? I've paid lots of points and fees in the last 15 years, and as much as 18% interest short term. I'm no stranger to hard money. But an $1800 upfront refundable fee is not the norm.
Discloure - Director of PR for DoHardMoney
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.
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
Way to wake up a year old thread lol, but i'm seriously thinking about doing business with them
After Do Hardy Money has determined that a property meets their requirements and the ARV is 70% or less, how long does it take to get the funds for closing?
@Debra Grumbach if the borrower gets us everything we need in a timely fashion it can be as little as 7-10 business days. However, because we work with so many new investors who are unfamiliar with all that is required we find that we often wait a bit longer for insurance to be in place or other documentation to be submitted.
@Errol St Marthe we'd love the opportunity to work with you should you determine we're the best lender for your business!