Finding a hard money lender?

[Chris H.]

So I'm trying to find a hard money lender in Spokane, WA, but I don't know how to evaluate them.

I'd like to buy houses and fix them up all on hard money loans, then turn around and refi with a portfolio lender from full value.

I've met up with one in person at their office, (CLS Mortgage), but I'm not particularly impressed. They won't fund the repairs, and only up to 65% LTV on the house. Which requires me to raise 35% of the cost of the house + the repairs out of pocket before refinancing, which limits me only to really low-cost properties.

I've had a second recommended to me, The Northwest Group, but from their web site I'm suspecting I'll see the same thing. It notes 65% of LTV, but maybe they'll finance the repairs too. Dunno.

I found a private money listing
on Craigslist. If it's a private individual, can it be trusted?

I'm fairly new to this. Thanks for any help.

[Monica Breckenridge]

Hi Chris, i have found all my hard money and private money going to investor meetings. I try to go to as many as i can for the networking. I even travel to the bigger cities to find them. Each lender will have different criteria on what they will lend. My hard money lender will lend me 100% of the purchase as long as i am buying 25% below market minues repairs.

I have to come up with the rehab money myself. I have private money in 2nd position. This is usually people with an IRA. Or i just use my own cash. Another thing you can consider is finding hard money lenders to partner with to start. They can lend the purchase and rehab and then you split the profit 50/50.