Hi BiggerPockets. I am a newbie, and a first time flipper in Honolulu, Hawaii.
Has anyone ever gotten a hard money loan from a company called PRIVATE MONEY UTAH?
Their 12.5% interest in 2-5 points are quite high, but apparently can do 100% loan-to-value on the purchase price, and 100% of the rehab cost. So for a first time flipper without a lot of cash to put into my first deal, it looks like a great option for me.
Would love to hear any feedback!
Hi @Ted Kawabata ! Welcome to Biggerpockets!All the best on your real estate ventures!
Yes, I have done one deal with them. They did a great job, everything funded as promised. You are being offered a different deal than I got, they gave me 3 offers with 80%, 90%, or 100% of the purchase price, but nothing for rehab costs. We ended up with the 80% loan since I had access to private money for the 2nd.
We had up to a year to repay which was nice since it took the pressure off. Our problem wasn't with them but with ourselves. It took 10 months to flip the property and interest ate up most of the profit. I would use them again, but refinance as soon as the house was habitable if find another similar deal.
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