Warning about Hard Money Today

[Greg Gaudet]

Just a heads up, if you’re working on a deal and planning on using hard money I recommend checking with your lender to make sure they have funding. We almost just lost a deal we’re about to close on in 5 days because apparently most HMLs lost most of their funding on Monday, then the seller threatened to sue since we are past our contingency period and she needs the funds to close on a short sale that was scheduled to close the same day!

Fortunately Cory Nemoto from Keco Capital came through for us and it looks like we’re funding Monday just in time to meet our closing. But just wanted to give a heads up so no one gets in a bad position for not knowing.