What makes a good hard money lender?

[Ryan Kaysen]

I'm looking at some HMLs in my area. Some have better rates than others but what should i be looking for besides lower rates? Most of them seem established enough to be reliable so what am i missing?

[Derek Dombeck]

Read the terms of the note. Is there the ability to extend the loan if you need too? How much does the extension cost? Do you have to personally guarantee the loan? What is the LTV based on.... After Repair Value or Purchase Price? How much cash do you need to bring to the deal? Does it matter where the cash comes from? Will the lender allow a 2nd position lien?

Happy Investing