70 Replies

Anyone used/heard of this HML??? Just found them.

Check 'em out:

They will go 100% LTP (loan to purchase), provide POF, backend their orig. fee and loan payments, etc.

They sound like a short sale flipper's dream for offering a hybrid type of HML/extended transactional funding.

I would like more information on this company if anyone has had any experience with them.

LTV and ARV are variables to the file. Reality is 50% from somewhere else on the application and "skin" is always a factor. Write to me direct if you've got a file to break down.

The site defines AARV, but it doesent discuss ARV when it mentions LTV.

Also the fees are very high, although if they are lending quickly at 100% of cost based on ARV, then its worth it to a lot of folks.

Any satisfied customers that can jump in with any further info for the group?

I would like to see if anyone else has had any luck. I have heard of some investors in the area talk about them and have said that "" has showed up on records in the area but I haven't spoke to anyone that has used them yet.

It's an interesting proposition if you are totally out of cash, and their site says:

"When your loan commences, origination points will be added to the principal of your loan. "

So it looks like they are giving you the full 70% ARV (by the time the work is complete).

1. I would not suggest to use them for your first flip or if you are a beginner because a beginner can easily go over 5 months.
2. Do not think you can use them with $0.00 in your pocket. You do need to front 25% of re-hab before you get a draw.
3. There is a lot of wasted money in their fees/points/etc.

Though, if you are experienced and you simply want to do an extra deal and:

a). lack the on hand cash
b). do not want to share with a jv partner
c). for some reason have not developed other funding options

it may not be a bad deal.

They are filling a niche. But be aware of the tight terms and overall cost of borrowing.

One more thing - there are lenders that will go 65%ARV with 2.5 points and 12 % interest for 12 months if you have a little skin in the game. It may be worthwhile to save up some "skin" frst unless you really know what you are doing.

Jason - what if it was my first flip but I'm working along side a seasoned rehabber who will be working as a mentor?

I was looking on their website last night. It shows their past loans and on some it looks like they loaned 100% depending on the profit margin.

Originally posted by Mike Nelson:
Jason - what if it was my first flip but I'm working along side a seasoned rehabber who will be working as a mentor?

Everyone's plan is different as is every market, target end buyer, as well as extent of work to be done. Do you need permits? What are you doing? etc.

I just think that the fees can add up quick, I am not here to discourage anyone from their dreams and your partner may be the best guy in the world.

So I would say, it depends.

Just watch the bottom line. If you have no money at all be aware you need to front the construction costs before each draw.

If you go past the initial term be aware to get an extension you have to pay them interest.

Just be careful, run the spreadsheets and see what works for you.

Has anyone used Can anyone recommend them as a good company to do business with? Anyone join their R.E. Millions Diamond Program?

I picked up a new customer for a loan because the borrower got left in the lurch by

I'd be pretty careful, dont' send them any upfront money, and have a backup funding source.

I may be biased, but I truly believe that your best funding sources are local to you. You can develop a relationship, get local references, and talk to them face to face.

I would never use hard money for any reason. The fees and interest rates make this a difficult path. And many investors really do not grasp how much expense is involved in the property, not even counting financing costs.

I just filled out a pre-qualification application and i answered all their questions. However, i forgot to check the "all the questions answered are true" and i pressed the submit button, and i was still qualified.

To get a POF, you have have a 7 day free trial then $17 a month afterwards.

I'm very skeptical at this point.

Ryan Wright at DoHardMoney is a nice enough guy, who only wants to get into your wallet. Once you go through the whole process of presenting your deal, numbers, etc., he'll has to send his own "evaluators" out to check out your deal- for a $495.00 upfront fee. If you look at the right side of his website, you'll see links to every other program out there. Even if you're desperate, look absolutely everywhere else first.

I've used DHM and my experience was great, actually. They are firm on their programs, but also very fair. I used them for my very first flip when nobody else would fund my deal. They are extremely conservative on their ARV's and rehab estimates, but the produce and won't waste your time. I'd highly recommend them. Through their Diamond Millions program, Ryan will even partner with you and cover all up front costs, and he'll do it for a 50/50 JV partnership.

Thanks for all the comments. I just found this post. Thanks for your final comment Casey, didn't we just fund your 2nd or 3rd loan with us this month?

I'm not a big fan of any of the upfront costs. Most places tell you how they have to do that to prevent tire kickers from wasting their time. The problem is that it makes it too easy for people to rip you off too.

What these hard money lenders should do is scale the upfront costs based on experience. If you've done 0 rehabs, then maybe $500 upfront is reasonable. 1-3 deals, $250. 4 and above, the paperwork is free.

You're not tire kicking. You're a valued customer they should be trying to bring into their fold. I'm also not suggesting that they work for free. So go ahead and charge me the $500 doc fee but that should be rolled into the loan or paid when the loan funds.

But nothing should be paid upfront. I don't pay a mortgage broker a dime up front and they don't get paid anywhere near the fees that hard money lenders are getting.

Dohardmoney is a rip off. I was told first that I could get 100 percent financing. They advertise no credit needed. After I paid for the platinum package & the processing fee, I was told I needed a huge down payment and a cosigner. They would not reimburse my money stating I was offered a loan. An analysis was not done on the property or anything else but yet they kept all of my money. I had to call them after a week to find out anything after I paid the fees. Since they would not give me a letter stating I was unable to obtain financing even though they freely give out preapproval letters, I lost my escrow money also. They do false advertising & are just trying to get your money.

Scam company. Fee you to death, then pull out at closing. You will waste a lot of time and money.

@Tim Silvers

The website is owned by a guy named Ryan Wright out of Salt Lake City, when you register a website that is legit it is generally registered to an LLC or other form of corporation. It has a cell phone as the contact phone number.

Another alarming thing about it, at the bottom it doesn't have "xxxx is a registered trademark of xxxxx Inc. Copyright 2006-2013. All Rights Reserved.

These two facts alone do not mean he is a scammer but it tells me he:
A) set the website up himself (because he probably couldn't pay someone to do it)
B) Doesn't have a company address, it looks to be a small bungalow that the website is registered to.
C) Home shows as being 1800-Mr-Buy-Fast as well, which is a deleted website. This tells me he probably failed or gained a bad reputation and just renamed the site so he can continue business.
D) According to linkedin he is part of "The Wright Real Estate Team," which appears to be his mom's company? All of his recommendations come from brokers and VPs/founders and none from investors so he probably does something to keep your money.

All-in-all the company looks like a guy got bored doing 9-5 real estate agent work and started his own website for "hard money lending" he probably has some loophole to keep your money and I would not trust him.

As a side note, if you were scammed by this guy and need more information on him please colleague request or send me a message. I don't want to put all his laundry on this page.

Law Suits are being filed against for fraudulent business practices: will rip you off. BEWARE. If you agree to thier loan conditions you will be selling your soul to the devil.

1. If you are a first time filpper I can almost guarantee you will lose money on your deal with them.
2. If you are a seasoned flipper you will be giving more than half of your money over to Dohardmoney.. You will be left with pennies.

3. They have already been reported to the BBB, The Attourney General, and law suits are being filed against them for fraudulent business practices.

Thanks to all who shared there advice and or experience on the dohard money lender. Still trying to get to first base safely, at least that one was a ball, lets see what the next pitch will look like.

Ryan Halverson,

I’m a bit confused, I don’t see you in our database, loan records or anything. I can’t find you anywhere, nor can we find a phone number or email address. We keep records of all customer interactions (phone calls, emails, etc.) I find it strange that we can’t find even a hint of you anywhere in our Customer Relationship Management System, Loan Servicing System, Customer Service Department, or Loan Processing Department.

From our vantage point we've never had any communication or interaction with you. It’s odd that you can pass so much judgment so harshly and quickly when you've never worked with me or my company on any level.

It really seems to me like a feeble attempt to sling mud. Do you work for a competitor of ours? Where’s the motive to blindly attack me and my company?

If you have any concerns please email management at [REMOVED].”

I definitely want to address the concerns you've raised, not to be argumentative, but to set the record straight:

False- I didn't set up the website on my own, but I do own, Inc and the web site

False- We do have an address. I don’t understand how you say “These guys don’t have an address” But then you say “These guys work in a Bungalow”. It doesn't make sense. Our current office that we have been in for almost two years is over 5,000 Square feet (and need I mention that I own the building). That being said we used to be in a cool bungalow in Sugar House District. It’s an uptown hip place with really old house some are 100 years old with tons of commerce and flavor that we loved. That being said we outgrew the 1,500 square feet and had to move.

False- I am not sure what you mean by my Home being 800 Mr Buy Fast. I do own that company and the Vanity Phone number 800-MR-BUY-FAST… Cool number huh? That company is not very active but we have been approached by extremely large companies wanting to buy the number. And I can tell you the web site does stink, but we are not doing much with it right now.

False- My mom does not own “The Wright Team Real Estate” My wife and I do. But I will pass on to my wife that you think she looks old enough to be my mother. I know she’ll be happy to hear that. ;)

I hold a real estate license and have sold hundreds of homes over the last 13 or more years. I am not active as an agent now however. I was also nominated for Rookie of the Year by the Salt Lake Board of Realtors for selling more houses my first year than anyone else in Utah.

However, occupies my time and attention. I love helping other investors do their first deal and make a FAT pay check. If you need examples of people we have helped you can go to and type in:

Do Hard Money Casey
Do Hard Money Lee
Do Hard Money Nathaniel
Do Hard Money Jesse

there are several more successful clients. I've loved sending out a film crew out to document the success of various clients. I love celebrating their success.

FALSE- I am not bored. Quite the contrary, our company has been growing like crazy, we just hired 3 new team members this month alone. But on top of that I have two small boys that I enjoy and love to spend time with. Bottom line I have just been so fortunate to make some great investments young in my life that I want to help other have financial freedom as well and that Is what gets me excited and why I do what I do.

You mention that if anyone has been “Scammed by this guy” to contact you. I don’t see how that would be possible given our commitment to a set of core values.

The biggest frustration from customers has come when the property they’re looking to secure doesn’t have the value they anticipated. We do charge a fee upfront in order to review and analyze the deal including sending independent evaluators out to the property.

This process is a safe-guard to insure that the deal in question is a win/win. It’s better to spend a little up front to insure that the deals a good deal as opposed to being blind-sided when you’re thousands of dollars into it and then discover there’s no way you’ll come out ahead on the deal.

This is one of the primary reasons we offer a training system. Failure to evaluate a property accurately can be costly to the investor. We can teach someone all the intricacies that come with evaluating a property.

That being said if someone thinks we’ve not been fair then lets us know. You can email [REMOVED] and we would be happy to look into what happened and make it right, but we do such a good job in setting expectations with our customers, following up with them, making sure there needs are address and helping them understand the risks and rewards I don’t think there will be anyone taking us up on any concerns.

Lastly if you could give us the courtesy of 1. Doing business with us and 2. Address your concerns by calling our management phone line or emailing management at [REMOVED] before you make claims regarding me and our company. But it is a free country so do as you please I just would make the request as a personal favor.

All the best

Ryan G Wright

P.S. You have a great name by the way ;)

In Response to Ryan Halverson…

Ryan I appreciate your efforts to assess the legitimacy of Inc. as a true Hard Money Lending Company. I’d be more than happy to address your concerns and hopefully alleviate them.

On a side note, I attempted to contact you personally to discuss your concerns but never heard back. I was anxious to discuss the details of “all his laundry”.

I really enjoyed how you stated a few facts and then followed them up with some nefarious assumptions painted as foregone conclusions.

1. Ryan did not set up the website by himself, however if you talked to Victoria Congdon whether she cared if Ryan had set up the website himself I’m sure she’d tell you she could care less because DoHardMoney funded her last deal and she walked away with over $20,000 in net profit.

2. Company Address is 8785 South Jordan Valley Way, Suite #100 West Jordan UT 84088. The small “Bungalow” is actually our small office building. It may not look impressive from Google Maps, but it’s where we processed the loan for Casey Carroll (who commented previously on this thread), I don’t imagine he had an issue with our “Bungalow” office space when he and his partners split over $70,000 in net profit.

3. 1800-Mr-Buy-Fast is a business owned by Ryan, a business that was parked to put all of his energy and efforts in Inc. and helping investors get their deals funded. Amazingly Lee Staehly didn’t take issue with this secondary company when we funded two deals for her and she walked away with over $25,000 on one house and $35,000 on the second house.

4. “The Wright Real Estate Team” – I’m not sure how you concluded that the company is owned by his mother, which it’s not, but I fail to see why this is relevant. As far as recommendations go I’ve already referenced 3 of several satisfied investorsrs and I could go on but I don’t see the point.

In short, for someone whose serious about Real Estate Investing using Hard Money they’ll find that DoHardMoney has a proven system that has worked for hundreds of clients and has some have attested, we’ve funded their deals when no one else would.

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