Flip Newbies in Maine- first hard money lender experience?

[Jessie Creighton]

To all those who have completed a flip with hard money (especially in Maine but also elsewhere): 

I want to hear your stories. I'm curious as to how your first flip was financed and how the experience was, especially if you used a hard money lender. How did you structure the offer? What was your EMD and did you have a financing contingency?

I was told by my potential HML Lincoln Capital that the loan must be signified in the contract as "private money" and put NA in the financing fields. This was a result of my realtor and me requesting the maximum number of points that could be issued to include a financing contingency on the P&S. They will not disclose any maximum amount of points, only stating "the fees depend on the risk level, the amount of the loan, and the length of the loan." Isn't it still possible to have a financing contingency if using hard money?

I was also told that it takes up to 30 days to close to allow for an appraisal and title work. Doesn't this completely disagree with the whole mantra of "we buy houses cash fast?" I'd be curious to know the loan terms and experiences of people out there. Also, how did you finance the remainder of the cost?

Cheers,

Jessie