Need Advice on a Private Lender I am looking to work with

[Randy Campbell Sr]

Hi hope everyone is great and achieving their goals and dreams.  I have a question about a private lender I am looking at working with.  The company is B.E.L.  also called BUlls Eye Loan Offering.  I recieved info through and e-mail.  The company has mortgage loan officers in different areas.  The person who contacted me is out of Fl.  I found the comapny and her license number on line so it looks legit.  I wanted to know if anyone on bigger pockets has heard of or even dealt with this company.  The terms are awesome but I have some reservations as I really don't know anything about them.  Thanks in advance for your help'

[Andrew Postell]

@Randy Campbell Sr I have not heard of this company specifically but there are over 15,000 lenders in the US (that's no exaggeration) and some are really good lenders and some aren't.  The important thing for us investors to look for when speaking with a lender is if they are "investor friendly".  Don't get me wrong, the terms are important too but if they don't count rental income, limit you to 4 mortgages, and require 2 years of rental history....then what's the point?  I always tell people to trust your gut.  If your instinct is telling you something, then listen to it.  Some really important but simple questions to ask them about their tolerance of investing is "when do you start using rental income to qualify", "how long do I need to be on title to do a cash out loan", "what is your reserve requirements", "Can you do a 15% down loan", "when can I refinance out of hard money with you".  These are pretty general questions that any investor friendly lender should be able to answer right away and even elaborate on to better guide you through your investing path.  Then after all that ask them for a "closing cost worksheet" to get their loan in writing.  Having it in writing holds them to what they tell you.  And there are pretty strict penalties if they get it wrong.  If they squirm at these things then that should tell you something and if they answer these questions well then that will tell you something too.  I hope this helps in some way.  Thanks!