All Forum Posts by: Matt Schaugaard

Hi Steve,

Great Sleuthing! Rapid Funding used to be the name of Ryan's Lending Company. Turned out a small company in Colorado had State Trademark on that name in Colorado and because we lend across the country we made the decision to change the business name to DoHardMoney.com.

1078 E 3300 Salt Lake City UT was our old business address. It was a great little bungalow that we've since outgrown.

Matt

Hi Daniel,

Sorry to hear the offer we provided didn’t work out for you. I really am. It sounds like the misunderstanding is centered on your expectation to get 100% Financing. We could go back and forth about “He said… She said” and in the end I'm not sure that we get any where. I do know that we are always very realistic in the expectations we set. I'm sure that in the initial conversation we indicated that 100% Financing is a possibility, but that we don't know until we've evaluated the property.

What I can tell you (which can be confirmed on our website) is that we have set criteria that we'll lend against.The key number for us in determining the amount we'll lend is the After Repair Value. We'll lend up to 70% ARV but generally somewhere in the range of 65%.

In simple terms, a deal can be 100% financed in two ways:

1. All costs including purchase price, rehab, interest and points are less than 65% - 70% ARV (A Smoking Good Deal, that's not common)

2. A Gap Funder Steps in and covers the difference.

With your specific deal, here’s how the numbers broke down:

Off the numbers you can see that we offered 68% of the ARV. I'd be surprised if you see another Hard Money Lender pick up this deal with better terms.

The discussion we had with Daniel was that we could send the offer to our gap funders to cover the difference in what we would lend and what was still remaining. We sent the offer out to multiple gap funders and they all passed on the deal. We commented that likely the reason they passed on picking up the deal was because the profit margins were too tight. These are independent investors that have their own criteria.

The upfront fee of $600 isn’t a DUMMY Fee.There are 2-3 Evaluators that go out to every property in order for us to validate that the values are on and it makes sense for us to lend our funds. This is in addition to our in-house processor compiling the independent evaluations allowing us to structure and present an offer.

As a Hard Money Lender for over 8 years we've developed a set of criteria that allows us to mitigate risk. Because we work primarily with new investors using independent evaluators is due diligence on our part. Look at it from our perspective, while it's great that your broker hit the evaluations accurately, we've learned that from experience that this is frequently not the case. It'd be nice if the evaluation process was free but that's just not realistic.

It's unfortunate that this deal didn't work, the $600 is a wash for us. We make our money by lending on properties not by sending evaluators out to properties. When you win, we win and we're helping a lot of people win, it's too bad this one didn't work out.

Great replies here for you, Jackie. And it sounds like you're definitely on the right track.

I don't have much to add to answer your specific questions, but I thought you might like some additional inspiration to keep your good energy flowing.

Hi, Bil. I stumbled on this thread and thought I'd chime in. My name is Matt. I'm a real estate investor who also happens to work for a hard money lending company.

I agree with the majority of the advice other posters here have left you.

In Response to Ryan Halverson…

Ryan I appreciate your efforts to assess the legitimacy of DoHardMoney.com 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. https://www.youtube.com/watch?v=4_hZArwbhps

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. http://youtu.be/jh-77fy8Apo

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 DoHardMoney.com 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. https://www.youtube.com/watch?v=zRQHRtJUWo0

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.