Hard lenders and a sour taste

[Anthony Testino]

A few months ago like always I went on search for a few lenders “private” or “personal” if you may. Because everyone knows so much about the “hot spots” where to build and where not to build, I had no luck. Many lenders told me “its not a great area, the numbers dont add up” when indeed the comps spoke other wise. Other investors wanted a 740 credit score with me using my own money to kick start the project as well as 3 years bank statements, 9% back, 4 points, 100K in the bank and so on and so on. One guy even told me, “this house makes no sense and it will never sell”. It so happens I wound up using my own money once again which if you read my other posts I dont believe anyone should use their own money. Either way, I funded the project the house was 119K and my rehab cost was 98K. I added a 3rd story and listed the house for 380K. The house sooe in under week, which all houses I this area have ben doing for months. The irony of it all was that the private lender by chance was lending to a biddy of mine for a lot up the same street and seen the comps on my property. He than decided to send me an email stating how unhappy he was that I didnt use him for my loan and that I should have pleaded my case, which I feel I did when I sent comps and asked for a loan. He than emailed me again this time acting as he felt he was entitled to profits for me not disclosing how profitable this house was, which I did. Are there lenders out there who actually research projects or do they all just pop them in the MLS and see what comes back?