Can anyone recommend a reputable hard or private money lender?

Question

I am having a hard time finding a hard/private money lender that actually seems legit. I've tried working with Do Hard Money before and it was a terrible experience. Overall they just seemed very sketchy.

My ultimate goal is to buy a small apartment building, so I would like to start buying, fixing, and flipping cheap single family homes until I have enough saved for a large down payment on an apartment building. I have enough saved right now for a 20% down payment for my first flip (looking for about $40k all together including purchase + rehab costs).

I'd love to get as much input from you guys as possible. Hopefully someone can recommend me a legit hard money lender or put me in touch with a private lender in the Cleveland area!

Account Closed · Answer

Hi Nick A. , I'd suggest checking out the Lenders section of BP. There are several there.

I've also considered working wit Do Hard money, but haven't gotten much feedback. I'll be following this post closely as I'm interested to see if anyone has any experience working with them.

Best,

Will G

Jay Hinrichs · Answer

Nick A.  there are many threads on Dohardmoney and a lot of folks that are experienced lenders do not agree with their business model of asking for large deposits from newbie investors..

you should be able to find a local lender that will have better terms than them.

the way do hard money sucks people in is the no money down.. so if you good with paying up front and know that you could easily loose it because the deals you bring don't meet their rigorous underwriting standards..  so just be aware.

If a lender is loaning a 100% you have to have a screaming deal Period which is pretty hard for most newbies to find.  because 100% lending is HIGHLY risky to the lender so they need to charge highest fee's in the market place and make money on up front fee's that they don't have to refund.

these are my peronsal and professional opinons your experience may differ.

Jeremiah Baker · Answer

The hard money lender from the Akron REIA is Jim Keogh.

Ryan Arth · Answer

There is a local guy who lends, he is always at the Akron REIA. He will be the gentleman selling a small book. He will offer lending services during the open mic period. I don't remember his name. He might be one of the trustees.

Emanuel Stafilidis · Answer

Lima One Capital have helps me purchase SFR's in Cleveland. They are good to deal with, gave me all the information I needed to make a decision, close quickly and are not overly expensive.

Account Closed · Answer

Thank you for the response Will. I did check that section and it looks like there is only one hard money lender in my area. I did a google search to see if there were any reviews or anything, but came up with nothing.

Account Closed · Answer

Hello Ryan,

The one I found in Cleveland is called Trustar Funding. Now quite sure how reputable they are. If you can find out anything about them, please let me know!

Matthew King · Answer

Nick A.  I have a guy who has helped me in the hard money arena in the past on Commercial deals.  He maybe able to help for other product types, I have never asked.  If you are interested in the contact, please feel free to PM me.  He is local, Chagrin Falls.  Good Luck!

Ryan Collins · Answer

Hi Nick A. your fellow east-sider here. I've been looking into hard money lenders as well as I begin setting up a real estate investing strategy. I read that you came across one in our area and I was curious as to who that may be. Do you mind sharing? I'd like to check them out

I was directed towards one as well under the name of Flip Funding, LLC but I do not believe they are in Cleveland. I could not find a good contact address on their website (which also has made me leary) but check them out and let me know what you think.

Jay Hinrichs · Answer

@?  NMLS =  national mortgage licensing system  all mortgage brokers need one in all states if they are doing owner occ.

in I believe 18 stats its needed for any loan on a one to 4 unit regardless of purpose etc.  for instance ORegon its required...

Washington Non owner occ loans for commercial purposes not required.

YOu can usually tell by googling HML in that state if most of them have a NMLS # then probably required if Most or all don't then probably not.

Can anyone recommend a reputable hard or private money lender?

Most Popular Reply