Choosing a Hard Money Lender

[Deborah Drexler]

Hi I am looking for hard money for a deal I am doing in Norfolk County.  The house will not qualify for conventional financing.   I will be putting down 50% of the asking price.  

There are so many Hard Money Lenders out there, I don't know how to choose.  

Has anyone had experience (good or bad) with any of the following: 

• Universal Capital
• Summit Capital Management'
• Sky Capital
• Accolend
• York Funding
• Capital 360
• Sachem Capital Corporation?  

I would love to hear about the experiences  BP members have had with any of these. 

Thanks. 

[Daniel Molina]

@Deborah Drexler I think you are going to find that everyone feels it is a mixed bag. There are a few items that should help you make your decision like: hefty upfront fees (usually signs of a broker not a direct lender); high origination fees (anything over 4 is excessive in my opinion); lastly time to close and documentation require. 

Each of those categories will be a good starting point as you decide, but most importantly, is how you feel when speaking with them. If you aren't comfortable or feel you cannot trust them, then move on. Since everyone's communication style is different and what they value can differ; every investor will have a different experience/response to each lender. 

You can reach out to me directly and I would be happy to share any more details/tips