Sherman Bridge/Longhorn Investments!!! HELP!!

[Andrew Alvarez]

Hi everyone i am from San Antonio, Texas. I am looking for a hard money lender that can fund my deals. I've done my due diligence on the scammer fees up they require up front and the skepticism on the crowdfunding ones. I can assure you that you and i hate to waste time and even more importantly money. I've broke it down to 2 HML. 1 being Sherman bridge based on the popularity and their criteria they offer. The other being Longhorn Investments, I picked this one because it is local. My partner and I have close to 30,000 to play around with or they put it "Have some skin in the game" not necessarily that we will use all of it but i need your help and experience with these hard money lenders. I reiterate that both you and i hate wasting time and money. Please inform me on your experience with these lenders. Thank you.

[Joey Sullivan]

Be sure to ask all of these questions so you can compare apples-to-apples when shopping around for a hard money loan:

- What % of the ARV is leant out (e.g. 75% of ARV for rentals, 70% for flips)

- What is the interest rate?

- What are ALL the fees? This includes things like origination points, fixed fees, draw fees (from repair escrow), required 3rd party fees that other hard money lenders would not require (e.g. certified appraisal, legal fees).

- When are the points & fees paid? (e.g. at closing or when you refinance / sell the house?)

- How fast can the deal be funded and close?

- Is there a minimum loan term? If so, what is the pre-payment penalty?

- Is there a maximum loan term? If so, what happens if more time is needed?

- Does the loan require a repair escrow? If so, is it 100% of the repairs, or only part?

- Does interest accrue on money held in the repair escrow?

- What is your draw process and how quickly will I receive funds from the repair escrow?

- When are interest payments due? Are property tax escrow payments or anything else paid along with it?

- Does one have to use a specific conventional lender, or can anyone be used (for buy-and-hold properties)?

- What properties do you not lend on?

- What stipulations does your loan program have that other hard money lenders do not? (e.g. Contractor gets the materials funds up front, but the final draw payment is not refunded until you refinance; must have only 1 contractor bid and do a mechanics lien at closing [if you have more than one contractor it won't work]; MLS deals work, but you cannot have an assignment of contract; etc)

- What other value-added services do you provide that other hard money lenders do not?