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Updated almost 4 years ago on . Most recent reply

D Higgs's profile image
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D Higgs
  • from New Jersey
  • Member since Jun 8, 2019
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D Higgs's profile image
D Higgs's profile image
D Higgs
  • from New Jersey
  • Member since Jun 8, 2019
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D Higgs
  • New Jersey
19
Votes |
61
Posts
Private Lending & Conventional Mortgage Advice

Peer to peer lending

D Higgs
  • New Jersey
Posted

Considering hard money loans for flipping venture(s). Through my research noticed companies such as, Lending Club and Prosper.com which are peer to peer lending sites.

Seems pretty straightforward as far as a typical HML- higher interest rate, quick closing, credit check, etc. Wanted to know if anyone could share pros/cons of using this type of loans for REI? Any advice?

Thanks BP!

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Alex Deacon's profile image
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Alex Deacon
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  • from Pittsburgh, PA
  • Member since Feb 26, 2015
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Alex Deacon
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  • from Pittsburgh, PA
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Alex Deacon
  • Investor
  • Pittsburgh, PA
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Alex Deacon
  • Investor
  • Pittsburgh, PA
Replied

@D Higgs I prefer local lenders. Ask some experienced investors in your area for referrals. Build relationships with these local guys. You will see the difference verses working with a larger non local lender.

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