What’s is the best hard money lender in Chicago for beginners

[Shavas Flowers]

Hey I am new real estate and wanted to know the best hard money lenders for inexperience flippers

[Tom S.]

@Shavas Flowers  For my first few rehabs, I did seller financing for the purchase, and brought in a combination of friends funds and credit cards for the rehab.  At least that way, I wasn't paying any points, extra fees, or very high interest rates (the CC's were 0% and friends money 6-8%).  Seller financing was fixed at 6%.  

After the rehab, I went to a bank and got a conventional loan, paid off the seller finance, friends and CC's, and was able to pull out enough to move to the next place.

After a few of those, I was able to go to HML's with enough experience. That said, I ended up going to local banks and asking for purchase + rehab funds (commercial lending department). Far less expense and less risky, as no refinance after the rehab was required.

Good luck!

- Tom