Seeking recommendations for Hard Money Lenders

[David King]

Hey everyone,

After a long period dedicated to research (and possibly a case of analysis paralysis), I've built up enough confidence where I'm "comfortable" pulling the trigger on my first real estate investment deal. It will be a BRRRR deal, and I plan on funding it using cash and HML. Can anybody share with me good or not-so-good experiences with particular HMLs?

Thanks!

[Whitney Hutten]

@David King Here is a guide for you on how to use lending with BRRRRs. Personally, I've had a good experience with BRRRRs.  I think the pitfalls are these:

1. Lending terms - terms can be very high for your first 2 deals.  I consider this the price of entry for business so take care to do projects that go quickly and save your HUGE deals for later.

2. Prepayment penalties - don't pay prepayment penalties on short term money.  

3. Loan length - find a program that is 12+ months.  This give you breathing room to execute your plan and not get stuck paying extension fees and penalties should your project go over.

3. Refinance - this is the trickiest part of the process and not directly related to a HML. Here is a guide to help.  Just make sure you have funds aside to help close this part of the loan on the off chance it goes really south.

PM me with Q's!