HML Search: Beginner BRRRR/Flip Investor in DFW Dallas Fort Worth

[David Schulwitz]

Good Evening BP, 

I'm breaking into the BRRRR/Flip game. I've done lots of buy and hold (basically turnkey) investing in the past, but this will be my first rehab project. I'm in search of TEXAS BASED, preferably DFW BASED Hard money lenders to work with. I know there are a ton to choose from, I'm just trying to figure out who is willing to offer me the best terms. I have 6 years of REI experience acquiring and owning rentals, but again no rehab experience. I have great credit (780ish) and a healthy DTI with enough capital for down-payments/points/closing costs in the bank.

So far, the terms I've been presented have been:  

13-14% interest, 2-3 points, $250-$500 in other fees, 70% LTV of ARV, no wrapping in of points/fees. Like most others in this business, I'm trying to keep as much cash in my pocket during the deal as possible to improve my COCR.

Is this as good as it gets for an experienced investor new to rehabbing?  Are there any DFW based Hard Money Lenders who can beat these terms for me?  

Thank you for your time.  

Dave Schulwitz

[Andy Webb]

@David Schulwitz - check out Investmark Mortgage, based out of Addison.  Secured Freedom Lending is also a good one that we have used.  When discussing fees, note that some HMLs charge interest on the repair funds that they are holding in escrow, which represents an additional cost to you.

@Ryan O'Mara - I think having a local lender can be a big advantage.  Think of these guys as partners - the good ones anyhow; the bad ones will throw the money at you even if it is a bad deal for you, collect their points and let you sink. The good ones are part of your team and can provide a huge service as an advisor - is the deal really a good one or not; rehab or local market tips if you are newer; etc.  Our HMLs have brought us deals in the past as well.

Andy