All Forum Posts by: Andy Davey

Welcome to BP!

All deals are a little different based on what it is you're trying to accomplish with the loan and with the property value and rehab looks like however you have to really question if your percentage with the private lender or investor means you have to give up some of your profit. I suggest always whiteboarding the deal completely with if you were going to hold the property for multiple months and with contingency involved to see what you're giving them who that way you know exactly what is the best deal for each. One approach doesn't work for all. I have seen sharing profit seems to always work in the peer "lenders" favor but not always in the one doing the flipping. One potential issue is how fast your hard money lender can get you the money. We are a few days but some take a month so you can lose a deal with that compared to giving up some profit for speed.

A hard money loan should not have money down if you have a good property. Most are asset based loans anyway. I suggest talking to your Hardmoney lender about how they are and why they are asking for a down payment - having "skin in the game" is good but a hard money lender with 20% down would be hard to work with. PM me if you would like. - Andy

Transparency in any partnership is a key. If the HML you are researching cannot simply tell you everything from rates to how the draw process works move on. Asset based lending means each deal is different but not complicated. A genuine HML partner (rather than provider) has real experience and understand issues in everything from the initial contracting to the flip or refinance for rental and should be able to SIMPLY explain how they can best make YOUR situation and out strategy work for the current deal and future deals. Feel free to private message me. We aren't in your market but am happy to help.

One of the best things about true partnerships is better/more profitable outcomes.  Instead of a customer/provider relationship why not work with a group of like minded experienced investors.  With experience in over 900 properties we work WITH investors and personalize each deal QUICKLY (days not weeks).  Contact us to discuss how quickly and easily you can finance and work on making money not finding money (and the hassle that goes with it). 

One of the trends that continues to move deals to close faster is where a seller has a lender ready to go for the buyer.  Obviously buyers can choose their own financing options but for newer flippers and those that want to close quickly having an option available can make things smooth and easy.  If you want to talk about your property and how this could make this easier as a seller contact us! 

If you want to speed your time from contract to close (days not weeks) and have the most professional and straightforward draw process to ensure your contractors are paid on time every time contact us.  We are the premiere hard money lender in the Greater Kansas City Area with experience on over 900 properties.  A partnership with Crossroads Investment Lending ensures you can concentrate on your deals not on timing or form after form nightmares.  Contact us to see how a professional hard money lender can expand your buys and make life simpler for your 2016.

Matthew -

Sounds like you have some great opportunities and connections.  I am not sure why so much is being required to move your financing forward.  I suggest looking to some different hard money lenders in your area or re-looking at the deal to make sure you wont be upside down after the flip.  Your hard money lender should give you some parameters that help make it work for you both in the current deals and long term as a partner.  Message me anytime. 

Andy

Welcome! Look forward to connecting!

Welcome to BP! Happy to help connect you with some investor groups and others that could assist in those first deal details. Message me anytime. Andy