Experience with Ironbridge Lending

[Kory Hannah]

We're just about to get our second flip finished up and listed in the next week or so.  So far, we've basically worked with conventional financing and then personal money along with help from family to do the rehab.  We're looking to expand from basically a side project to more of a business.  In order to do that, we feel that we need to do something different with funding.  We're looking into possible investors in our personal network, but also some of the bigger private money lenders out there.  Has anyone had any experience with Ironbridge lending?  I spoke with them about their process and it seems pretty straight forward, but coming from the conventional world, the interest rates and points seem crazy.  I know private money 6 month term loans will be higher rates, but what they said was their normal numbers are 12% and 4 points with 10% down for purchase and rehab funds.  It sounds like the rehab funds are still distributed at stages along the way, similar to 203k.  I just wanted to see if anybody on here had any experience with them or suggestions on who else to take a look at.  Thanks in advance.  I haven't posted a lot on here but have been busy reading and listening to all of the knowledge on this site.  This site really is an amazing source of knowledge.