All Forum Posts by: Mark Safrin

https://www.biggerpockets.com/companies/hard-money might be a good start. Run a search for the state you wish to invest in.

Many will not lend in all states, many have minimum loan sizes and other criteria.  Most if not all will be pleased to have a short chat about what you had in mind and what they can offer.

I can think of a HML in Lincolnwood IL, for instance, a friendly lender who is available on PM, email and phone... ;)

April, not sure how bad your credit is, but if it's at at least 600 Mid FICO (or can be raised to that) you would qualify for short term loans from Hard Money Lenders such as us. So RE investment activities suited for Hard Money loans would be within your reach, at least as far as your credit score goes.

Best wishes on your endeavors. 

 I trust you reported it to the moderators?

This is the bread and butter of large number of Hard Money Lenders. 

Conventional financing will be cheaper but if you don't qualify or need faster closing or otherwise want the flexibility of HMLs, then you will have a choice of such lenders.

Contact a couple, briefly tell them what you had in mind. I'm assuming you need a short term fix & flip loan.

Have the numbers handy like property current value, purchase price, rehab amount,  after repair value, your credit score, Property address etc..., make sure they can lend in your state (CA requires licensing, I'm assuming this where it is) and that they fit your requirements and you qualify for theirs.

Ask them about loan terms including interest rates, points, closing costs, appraisal fees, any up front fees or good faith deposits and loan duration. Briefly go over the lending process. Ask if the rehab draws are in advance or arrears. If it sounds workable fill out their loan form and they should send you a terms sheet to consider.

Looking at the HMLs listed here on Bigger Pockets for CA might be a good start.

Best wishes on your endeavors. 

What is your next project? Another fix and flip? Will this be in WA? What size loan? Is it a short term/ rehab loan?

Hi Emily, I can ask if one of our partners lends in Kentucky.

I'm assuming this is for the 3 house gut&HVac you mentioned elsewhere. It seems too small a deal for us for a fix&flip loan, but when you have finished and want to refi with say a 30 year fixed, I'll be happy to discuss. :)

Hi Kyle,

There are quite a few Hard Money Lenders here on BiggerPockets who would be happy to chat with you as to your needs. 

Which state were you considering purchasing and approximately how much would you need?

Cheers 

Benjamin 

Lender.

We use an 3rd party appraisal company, usually Appraisal Nation. We might, possibly, be OK with a drive by if really warranted by circumstance. Either way we as lenders don't make a cent on the appraisal and the client pays the appraisal company directly. 

And no. If the client does not want a formal appraisal that usually costs them around $525 then we probably don't want them as borrowers. Other lenders might have different policies of course.

 Usually yes. Of course if you have in mind a property have a chat first with the lender including giving them the address you had in mind.  They might have minimum loan sizes or minimum credit score requirements or the property might be too rural for their tastes etc... A five minute chat will likely clear these up. I personally speak to a dozen or two such potential clients a day. 

But yes two weeks or even slightly less is reasonable if the borrower and appraiser can get their acts together. Once the appraisal comes back it's usually just few days longer and a few more grey hairs from me chasing people around for these rush jobs ;) until closing. 

Best wishes. 

 Perhaps a chat to a local real-estate lawyer?