Hard Money recommendations

what do you need the hard money for?
Are you talking about the EM to lock up a property, or are you talking about paying cash for a property for a double closing?

If it's for the EM, you can give your realtor a copy of a check for $1,000 and let her know that you will give her the 'real' check at closing, because you will make offers on many properties and you don't know which ones will get accepted...

Wishing you success,
Valerie

I will talk with my realtor and do what you said. Thanks, Charley

The Agent Im Working wont let me give a Copy Check..She keeps telling me that they Have to open up Escrow before Closing

I am real leary of people that want money before they will lend to me. Its like a scam. I was sucked in to one with United Business when I first got started and they wanted a few thousand up front on my credit card. I felt uneasy about the woman making the presentation over the phone but she was good and got me. After the call I quickly realized my blunder and I quickly recinded and documented the incident and faxed over my change of decision. I demanded my money back. They put me thru the hoops and gave me a song and dance. It took a month or so but I got the money back and counted myself very lucky.
My belief is that a legitimate hard money lender is going to get a hefty percentage of the amount loaned back on a short term loan. It will cost you to take a loan. Its better to do a bird dog deal to get some money.
Get rich quick schemes do not work. Lets not be foolish.

Seems strange. If they want money upfront, find someone else and if every hard money lender wants money upfront, use some other creative financing technique. All the hard money lender should require, is that you can pay back the loan and the numbers on the deal, to make sure for themselves that the deal is good.

RENinja

Whenever I get a phone call or referral or someone calls into the office and tells me they are an investor, the first thing I ask is "how are you paying for this???"

If you plan on using HM, you have the money yourself, you want to assign, etc., let me know because if I begin my process of working with you.

Better to let it be known in the beginning.

Can anyone recommend a good hard money lender that they have used?

Thanks,
Charley

Charley update you profile so people can know your situation better and tell us about your deal.

Maybe someone on here might want to invest in it.

I second Elix. If you fill out your bio more people are willing to work with you.

Good Post for newer students. Along with Elix, my partner and I have been out here for quite sometime and one thing I know is any time you find a HM lender and they want money upfront, hang up and move on. I say this because there are so many frauds out there an newer students are so determined to get a deal done that they fall prey to these scumbags. I have spent countless hours and days and weeks over the years to find good honest hard lenders. It is not easy but just as I have, you will find your team of lenders also. All lenders get paid on the back end when deals are done, NEVER UPFRONT, not even apraisals, they will order them. Hope this helps you out and hang in there.

Oh by the way, just because a lender is on this site doesn't mean they are legit. JUST BE CAREFUL.....Jan

Do NOT EVER EVER EVER give a hard money lender any money to "secure" the loan! Many others on the site will say the same thing! HMLs get paid just like a mortgage loan broker - at the end. Can't say this loud enough or often enough.

Would you walk into any BofA, for instance, and give a loan broker any money before he approved your loan and/or it was funded? No siree Bob! That's not how it works.

PLEASE research the trials and tribulations many DG'ers have already paid for crooked HMLs. This site is full of similar stories, including the heavy posters here.

Look deep before you leap!

that Steve Miller song, "Take the Money and Run"!

I say leave the hard money alone and do it the DG way. Network and get that deal going. Agree with Elix, truthful and upfront is always the way to go. Remember at the end of the day, your integrity should remain in tact. God Bless.

Sandra

Charley,

You gotten some great advise from your peers here. Just a couple of great transactional funding (private lenders) to use are:

1. www.insiderscash.com
2. www.coastal-funding.com

Try them for your lending.

Thanks,
Shah

I must say that I have used Hard Money lenders to fund a Fix N Flip. They do not require money "up-front", however, they rarely fund 100% of the deal. Usually between 75% to 80% depending. You have to put up the down payment. They want you to have some risk in the deal, too.

Hard Money loans are generally for someone wanting to Fix n Flip because the loans are usually based on the fact that you will fix up the property and then sell it within 6 months. Often the loans are extendable, but they are short-term, like 18 months at the most. Believe me, if you hold on the the flip for that long, you lose a lot of profit based on the payments you make.

They are expensive, but it does allow you to flip a property that you don't have enough cash for. I had to pay the inspections and appraisals up front and their paperwork was quite involved. They are totally different than transactional funding.

I found my lender at our local RE club and they won't let any vendor advertise there without checking them out. Maybe I got lucky that I didn't run into a scam artist.

A DG Superstar recently listed a lot of Hard Money contact names, numbers etc. on this site.

Go to the Search / Enter feature at the top left of this website input Hard Money then hit enter and it is the first thread listed. Hope that helps.

The DG Superstars name that listed the HM lenders is build_assets!