Hello All

I am hoping to get a little help. I was wondering if anyone has worked with or knows someone who has worked with NLDS Corp also known as Hard Money Man? I am looking at using this company for some of my projects and wanted to see if anyone has had any working experience with them, good or bad?

Thanks for your time!

Steven

looks like an east coast lender not sure why you would use them west coast lenders are usually cheaper. And more knowledgable about the market.

@Steven Gough it's good to see that you're vetting lenders before moving forward with a blind offer. As someone in the space, you have to be careful as there are lots of scams out there that will take your money and run. A few tips for ya

1) Ask the lender for recently funded addresses - reviewing with a title agent, or having a real estate agent pull a title search will show if their entity actually had/has a lien on projects in the past.

2)  Ask what funds are required up front - most lenders will charge an appraisal fee around $300-$500 and will usually have you pay the appraisal company directly. If they ask you to deposit the funds into a personal account be weary.

3) Verify the representative/company on social media - LinkedIn or Facebook should do the trick. 

4) Verify company address on Google - google maps, even a phone call to the main office could give you valuable insight into how the run shop.

Hope this gives you some avenues to ensure you're getting into a profitable relationship!

Jay

The project is in the East and the hard money lender we currently work with does not cover the area, thus, searching for on that does.

Eric

Thanks for the tips. I have done most of those already I am just not finding much on them through these means, good or bad.  There is on bad review but nothing else.  Hoping to hear from someone that has experience with them.  I will keep searching.

Thanks again!

Hey @Steven Gough , did you ever find out information or use Hard Money Man? Just started talking with him and he sounds like he has what I am looking for.  

Hello Chris

No, in the end I did not use the Hard Money Man services.  It just wasn't the right fit/feel for me.  For our investments back East/midsouth area we are working with Lima One Capital.  They cover a lot of areas and we have had good luck with them.  I am not over the moon with them but they have worked out thus far.

I hope this helps and good luck!

Originally posted by @Steven Gough :

Hello Chris

No, in the end I did not use the Hard Money Man services.  It just wasn't the right fit/feel for me.  For our investments back East/midsouth area we are working with Lima One Capital.  They cover a lot of areas and we have had good luck with them.  I am not over the moon with them but they have worked out thus far.

I hope this helps and good luck!

 I have used Lima in SC  for experienced borrower they are pretty good.  And are for real !!!

Here is my experience with Ken Vesely from Hard Money Man LLC. This is copied from my recent Google review.

WARNING: Ken brokers loans from Lima One Capital out of Greenville, SC. By working with Ken, you will be subjecting yourself to increased rates and longer turnaround times on operations versus what you would receive from Lima One.

The reason I discovered this is because after months of subpar service, lack of communication, misleading information, and downright lack of professionalism, I was forced to hire an attorney to help dig into Ken's operation in an attempt to put my fix and flip back on track.

The issues first started the day before closing, when I was informed by my title company, not by Ken, that the cash to close that Ken previously agreed upon would actually be $6,000 higher. Fortunately, I had enough capital reserved to cover the difference, however the trouble continued throughout the construction process as Ken's lack of thoroughness and lack of punctuality made completing draws and requesting budget changes upon change orders an absolute nightmare. Today, its been over a month since my last draw was approved, and construction has halted as a result. Ken and Lime One representatives cite COVID-19 as the reason for the delays, but on requesting a break from interest payments while the bank sorts its issues out, Ken threatened foreclosure and late fees. This combined with Ken's apparent lack of professionalism, calling me names like 'douche' and '*******' when confronted, has lead me to post this review as a warning to other investors. Please research lenders thoroughly before making a decision. Biggerpockets.com has an excellent list of hard money lenders where you might find a better lender and avoid an experience similar to what I've had.

Ken doesn't broker loans for Lima one -- ken had a warehouse line from lima one about a year ago and I have since moved on -- but I do not like when borrowers lie about how things transpire because they didnt get their way. Here is the conversation about the draws that he was referring to in email -- see below as you can see there was no name calling and when he as the borrower said - well I'm just not going to pay the monthly payment as a lender would you say - ok? or thats ok if you don't you could be facing foreclosure. This was his 1st deal, and i get it , your 1st one you might not know what your doing (like getting a cash contract when you don't have the cash to close) or putting all your money in a deal and don't have enough to pre-fund your draws until your reimbursed, or even worse when your appraisal comes in short and you need more money at closing (we that have been around a while know that does happen) -- i suggested going to the seller and asking for a reduction , him and his realtor said no... as for the budget changes, in the midst of covid --we all know there were industry slowdowns in march and april -- this borrower just didnt care - it was his way or no way when no one was jumping when he said jump -- and yes I funded his deal off my line and assigned it to lima for consideration 30 days after closing --- thats the way the industry works these days --- people buy and sell loans