OfflineI stumbled on a link to Wendy Patton's website from one of Anitarny's post(sorry if I spelled it wrong). I went to the website because I was trying to get more info on lease options/lease purchase. And I see that she lends money to investors. Has anyone tried using her as a HML? What was your experience? How high were the fee's?
If you have not used her service.... Has anyone one used a sevice similar to hers.
As I have read about Hard Money Lenders, I just assume that people had connections with cash investors that they knew personally. I didnt realize there were company's that actually lend it to help you make the sale. Although it seems amazing, I am extremely skeptical. I am almost positive there are some outragous Fee's or extremely high interest. Or maybe even a scam?
Anyone with incite, please chime in.
Thanks,
LNW
I have not personally used the service of HML's as of yet but am willing to do so. Here is Florida their cost is approx 6% interest so it is high, but not extremely.
Generally you do have to provide them with equity, they prefer Home equity from a paid off house. Some lenders give you variable terms and others lock you in to a minimum time frame.
Do your best to find one that will accept early payments and pay them off before the first payment (1month) is due, or asap.
Hope that helps!
Jordan