And they’re a rather large outfit, they’re paying us $6.2 million for the property.   

Welcome Cody and good luck on your lending ventures in OH.I've been part of the investment process wearing many hats, I've closed loans with several Hard Money Outfits, I can tell you the loans that fail the most are Foreign National Loans and also loans with big rehabs with little experience. 

Any sophisticated investor will not want to pay much over this number because there is likely a similar property on market that can be outfitted in a similar fashion and likely perform reasonably the same.But another point Jon brought up is in the commercial space, it is totally dependent on proven income to sky is the limit!

Investors have their lender, so it is their job to try and take them away somehow, meanwhile other outfits try to lure theirs away. 

I as well, when I broker to them I usually can get bridge loans closed in 3 weeks if title and insurance do not lag.I had said this before, it's rare that an entire lending outfit is bad. 

Based on "market rent" I did about 100 deals for one Philly outfit but they flamed out big time I am sure you read about them in the paper..

You can't globally judge Hard Money outfits. 

There are a fair number of outfits in Detroit that will do garbage renovations and slap high voucher S8 tenants into the properties and market them with high ROI to out-of-state investors.These are easy for locals or experienced investors to spot but a lot of people get sucked into them.

I have connections at all the big box and some of the boutique and a few private money outfits. 

The equipment the brake outfit didn’t want I sold for about $6k.