Hard Money and Private Lenders in Indianapolis

[Aaron H.]

Hey guys,

I'm finishing up my first full gut rehab and we are set to list tomorrow or Friday. It took longer than expected and there were a lot of stressful days but it was quite a learning experience and I'm glad we did it.

I'm reaching out to see if theres any hard money lenders that you guys recommend? The one my partner and I used on this project was great at first. But halfway through, I'm not sure if it was a lack of organization or lack of funds on their part but they became difficult to work with. Payments to our contractors weren't being made, invoices weren't being completed, they tried charging us fees that were never agreed upon in our contract, etc. It stretched our project out over a month when it should have been completed and ready for listing. Luckily through a couple wholesale deals I've done during this time, I was able to make some payments to our contractors just to keep them happy and working as well as buy materials for the house.

Are there any hard money lenders you guys can recommend here in Indianapolis? I would love to work with private lenders but seems most of the people I've talked with are interested in lending at first but change their minds shortly after.

Really just looking for someone dependable. Any recommendations? I appreciate it!

[Louis Davis]

@Aaron H. The best way to find a hard money lender is by talking to others that are doing the same as you in your town. Look up and see who bought a property cash, rehabbed and flipped by going on zillow or mls. Contact those guys and let them know what you are trying to accomplish. What a lot of people forget in this industry is that people get paid to refer others business so it's not like you are taking from them. You are more than likely going to be helping them out. They will refer you to their hard money lender and if all goes well, that lender will pay them a referral fee and you get a reputable lender. 

Hope that helps, 

Louis