Recommendations for Reputable HM Lenders

[Patrick Lorang]

For the past several weeks, as a new member of Bigger Pockets, I've been looking into Hard Money lenders in my effort to find financing for purchase of a fixer house, near my present home in eastern Washington State. I have found four companies which appear reputable, though I am "green" to HM lending and apprehensive about being swindled, one way or another. Can any fellow BP members give me recommendations for ethical HM lenders -- either national or regional -- who could finance a "buy-&-hold" property in my state? The house needs plumbing & electrical replacement, re-roofing and various other improvements, though it is fundamentally sound. I am capable of doing most of the required work, myself, but will need time to do it: preferably, at least 12 months. I can put 10% down on the $48K purchase price, though it looks like most HM lenders are requiring 20% down. The ARV will be within the range of $100K-120K. My intention is to keep the house as a rental, in a consistently strong rental market serving 2 college universities and local industry. I have a good FICO score in the mid-700's, and am skilled in basic carpentry, plumbing and electrical work. I just can't bring myself to pay contractors for work I can do myself, which is why HM appeals to me. A conventional loan would tie my hands and compel me to farm-out most repairs and upgrades to professionals, putting the final cost of the house out of my reach. Any recommendations for specific HM lenders would be greatly appreciated. Also, advice as to what I should look for in HM financing, and what pitfalls to watch-out for. I expect to have an accepted purchase & sale agreement in place within the next few days, likely affording about a month's time in which to secure financing. Thanks in advance for any guidance the BP community may be able to provide.