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Updated over 6 years ago, 03/10/2018
Does Being a G.C. count as Experience for Hard Money Loans ?
This is a question to all of the hard money lenders :
If a Borrowers comes to you seeking a loan for a fix and flip,
and requesting high leverage (85% purchase, 100% rehab),
obviously you would need to vet Borrower's Experience.
What if the Borrower's Experience was being a General Contractor on their Past projects ?
If the Borrower wasn't on Title, or wasn't member of the Entities on Title,
Do You Approve the loan ?
How do you feel about Potential Borrowers coming to you with deals,
But their Experience is only from being a General Contractor ?
Or their Experience was from 2005-2006 before the market crash ?
What is the best response to that ?