Investor · Philadelphia, PA · Member since 2015 · 3 posts · 0 votes
Looking for local investors in the greater Philadelphia area willing to provide their thoughts on local hard money lending. What are some of the criteria that you have considered in comparing lenders aside from LTV, points and interest rate? What are some "soft" considerations? Or is local lending mostly commoditized? Any opinions on working with a local lender vs. a national player? Thoughts on current market rate?
I'm not really a Philly guy although I do some work there. That said, I'm not sure if I understand the question. Are you just looking into details about hard money lending and what the average loan terms are?
Personally knowing several hard money lenders or just private lenders in general, my experience has been that a lot of it will depend on the lender's comfort level with you, the amount of money you are asking for, and what exactly you need the money for. I suppose it gets more standardized when you are dealing with a larger lender. But most lenders I work with in this realm get their leads from other investors, attorneys, or other professionals who make the introduction. There is a general understanding beforehand about whether the deal is something the lender would be interested in.
Maybe there are enough hard money lenders in Philly that it's more or less standardized. Not sure about that.
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