Hard money lenders who have you used?

[Wendy Abraham]

Hi! We are looking to purchase a fix and flip. There are so many online hard money lenders. Has anyone used any of them? Who is a good company to use for a first-time flipper. We have 1 STR right now. What are reasonable terms that everyone has seen on a hard money loan?

[Chris Seveney]

@Zach Edelman

Be clear BP does not recommend companies - companies pay to advertise on BP and while BP I assume vets them - it’s still buyer beware

I am not an employee of BP but I want people to understand on BP and on most sites there are sponsors and affiliates but they may not be thoroughly vetted. I mention this as I have seen some people want to sue companies because they were a sponsored affiliate on a website…

Regarding the original post- expect 10-12% (I think latest I saw is avg is 11.5%) rate plus atleast one point for a 12 month loan.

Bigger companies may take longer for approval and can be more flexible usually in down payment amounts. I would post the details in classified section and let people give you quotes