All Forum Posts by: Odie Ayaga

What caused you to choose Lending Home? I've worked with multiple hard money lenders and I haven't come across that as an issue

The $1000 upfront isn't standard, the points are high, the interest is high, I've never heard of those types of fees and depending on the situation a hold back may be a thing you have to deal with, but considering the rest I'm guessing that's probably unnecessary too

What HML did you call and how did it go?

As someone who has worked with multiple hard money lenders all of that sounds horrible

In terms of do you need licensing to lend?

I've worked with a few different hard money lenders and there's a few things worth mentioning. For one, as someone said work off of referrals if someone can tell you people they worked with and their experience with them that's best. You want someone who is going to be transparent with you and tell you what you'd be looking at in terms of costs and monthly payments. Yes I know a bunch of people have said hard money is expensive, but that's like saying windows are expensive. If it makes you money and it's your best option on the table use it. It doesn't hurt to have every tool available to you that you can. Being new, you'll want to calculate what your numbers would look like and likely add at least 3 months to your time estimate and make sure you've still got good cushion to determine what you're looking at in terms of profit. 

@Dennis Soto I'm not exactly sure what you mean. Typically you would get the hard money loan and there would be costs and a down payment associated. Maybe you would be offered 80% LTV and if instead you want to put 30% down that's up to you, but the lender would tell you the max they could offer you

@Amber Smith when was it that you got that loan?

I've worked for hard money lenders and also used hard money and being new won't disqualify you for most. Also, many aren't going to need a credit score as high as 680...I've seen some go as low as 550. Experience and property will likely affect the LTV you'll be working with and such, but our loan came from a lender at 100% financing on our first flip. It's just a matter of finding the right lender for you.

@Breelon Bryant your fine posting here. I wouldn't blindly use the Hard Money Lenders search above. Everything in real estate tends to work out better if you operate within your network or by referral. BP doesn't validate how good a fit those lenders are for any particular investor they just provide them as an option. Are you currently looking for rehab loans only with the hope to work in the future on a potential purchase/rehab loan? If so, how big of a rehab are you looking at?