Sherman Bridge Loan - 6.99%

[John Hixon]

Has anyone heard anything about Sherman Bridge Lending offering a 6.99% loan on rehabs? I got an email from them saying they offer lending on rehabs for 6.99%. Is anyone familiar with this program or have you used Sherman to finance any of your flips?

[Sam Craven]

Sherman is a pretty large company.  They source their funds from wall street instead of private and bank financing which is why they can offer 7%.  You will have to pay points though and to qualify for 7% you need good credit and assets.  We have sold a couple deals to clients that used them and have not had a problem.  Our experience with them has been positive so far on the sell side.  We have never borrowed money from them.