All Forum Posts by: Katrina O'Bannon

I am in the Dallas area and I am looking for a local hard money lender. I am looking to purchase a fix & flip within the next 60 days. I am looking for deals in DFW and surrounding areas. I am also potentially looking for deals in East Texas. 

Let’s connect!! 

Yes, something is definitely off. Our work was inspected and they did not give any indication that the work done was the issue. So my partners and I can only assume they don’t actually have funds to give us. We email, call, and text every day and ask for updates. They promise us a date to get us to stop hounding them, then that day comes and goes with no money released. It has been an absolute nightmare for our first deal. I really appreciate all of the advice everyone has given here on this post. This has been extremely valuable. And I do see that many of you are lenders and I have added you to my list of contacts so that on our next deal we will be giving you a call!!!!

The agreement is extremely vague. It states that they will release funds in accordance to their procedures that are in place at the current time. Which basically covers them if they want to take forever. This is my first deal and first time using a hard money lender so I was not aware this needed to be in writing. I’m mainly asking to learn the industry standard so that I am more prepared for my next deal.

I have a current deal in process and my hard money lender (Zeus Lending) is taking about a month to do a simple draw request for work that has been completed. With this timeframe it will take several months to complete a rehab. What is the typical timeframe for hard money lenders to release funds when you request a draw for work that is complete?