All Forum Posts by: Jaclyn McClellan

To go forward with the process. I was just looking for anyone who may have gone through it and what their experience was.

South side is really general, you'd have to say the specific area when referencing big cities, particularly Chicago. I have some contractors that won't even go to certain areas on the south side. 

I'll check out the address you gave. 

Does anybody have experience suing former business partners? or putting a lis pendens on a property?  I am likely going to have to go down this route and just looking to hear about other people's experiences. I wish it could have been avoided but it's not really looking like we have any other options if we want our money back. 

haha nope that's the funny part. The rate is super high, like 15% plus points. But what they do is say the $3000 up front fee will be refunded to you if you get a deal completed within the first six months. The costs also aren't paid until the end of the loan, which was the major enticement. They offer essentially 100% financing if your deal qualifies for their very very strict rules. We have capital deployed elsewhere so we thought we would give it a try. I am starting to regret my decision.

Maybe you meant private lenders? Then I could see how maybe a business plan would be useful. 

But with the hard money lenders, they're just going to ask you to submit a loan application and an itemized list of the repairs. I would say also work on identifying your comps ahead of time (recently sold and also active listings) just so you're ready to submit the information when they ask for it. At least that's been my experience. They don't really look for your business plan, they just look at your credit and evaluate each deal on a deal by deal basis.

We are using DHM right now for a loan. There were upfront fees that alot of people mention, $3000. They also failed to mention that the first loan with them, they'll only lend $50k on the rehab. Literally did not mention it once to me.

Then went out and did the appraisal, the appraisal literally came back $100k lower than what I had for my ARV (I'm a real estate agent), then I had to complete a "value audit" form to argue why I believe the value is what it is. I did that last Tuesday, they said 3-4 business days, still haven't heard whether I'm getting the loan and we are supposed to close next Monday. Oh and last Thursday they talked to my contractor, who they had spend several hours working on an itemized list of what needs to be rehabbed and what the costs are.

Needless to say, I am going to be very upset if I do not get this loan because it has been quite the journey.

I will update when I find out if we are getting the money or not, but I would say so far my experience is so-so. I feel like they really haven't respected our closing date and they also don't respect my opinion as a licensed agent (not that that makes me 100% right, but after looking at the appraisal we received, it's really difficult to have faith in them). Fingers crossed though!! 

It depends on where are you in Chicago it's not just mass murder in the streets... 

Welcome everyone !!