In search of Funding for "Beginner"

[Julio Valdez]

Hello BP,

I am looking for Funding for my first BRRRR deal, I have a 4Unit-MultiFamily that I believe could be a great candidate. Unfortunately I am having a hard time finding the right Hard Money Lender. I believe that I have exhausted my local area for HML, but was able to get two leads. The first HML that I contacted looked to be promising but seeing that we have not done a deal together did not like the level of rehab that the property would need. The second HML is interested, but his money, is on the expensive side, so I'm a bit reluctant to move forward with his POF for the initial offer.

To put in into perspective the First HML offered a 10% flat rate within 4 months due at refi time, 12% after the 4th month, and according to them no other fees.

The second HML is 11.9% with 2.5 points, plus other fees. It also required 4 visits during the rehab at a cost of 240 each.

I'd love to hear your Hard Money Lending experience good or bad, during and after your beginner phase of your journey, also if you could share the company and terms (Not sure if I'm asking for too much) it would be greatly appreciated. 

I am located in Hampton Roads VA area so.. Virginia beach, Norfolk, Chesapeake, Portsmouth, Suffolk, Hampton.

Thank you