Private money lenders in New England

[Nana Kora]

Hi BP family, Is it a good idea for a starter to use a hard money lender? If so what are the pros and cons with the private money lenders? I also want to know when is right time to of the season to start out looking for deals especially in the northeast area ( Massachusetts). Any comment or advice will be appropriated. Thanks

[Account Closed]

For some starters, hard money is the only way to get their first deal done. I personally do lend to starters on their first deal if it's a great project and the numbers make sense. 

Pros: Get your first deal under your belt

Cons: More expensive than alternative financing options

It's always a good time to look for deals, but keep in mind it may be best to close in Q1 (first quarter of next year), as most projects begin or break ground as soon as the weather recovers from those brutal winters. 

Reach out if you have more questions!