All Forum Posts by: Kerry Boyle

I really like this way of vetting how much money they have. If anyone doesn't know, some (smaller) lenders occasionally run out of money and it could delay your closing while they try to source new funds and/or sell their notes to liquidate. 

Hello BP!

We are a Direct Hard Money Lender out Bethesda, Maryland. Specializing in Fix and Flips and mutually-profitable deals. Reach out to me regarding free project consultation from our construction analysts for your fix and flip.

Fix and Flip:

Up to 90% of purchase and 100% of rehab with first rehab draw paid at closing!

Fast response times, funding in as little as 5 days.

Free price quotes can be done in one phone call.

DocuSign available, so you don't have to worry about print/sign/scan.

Wholesale fees may be financed! (call or email for details, as some states vary).

Cash-Out Refinances:

No seasoning requirements, can cash-out purchases with other lenders or cash purchases up to 75%.

Free price quotes can be done in one phone call.

Great for replenishing your liquidity after a foreclosure purchase.

Bridge the gap to long-term loans, while replenishing your capital.

CA, CO, CT, DC, FL, GA, IL, LA, MA, MD, MI, NC, NJ, NY, OH, PA, TX, VA, WA, WY

(exceptions may be made for other states on a deal-by-deal basis)

It does look like your junk fees are sky high. Particularly the 1% of escrowed amount AND $175 draw. So if you have a 50k rehab you are paying 500+175 to take money out? That is a bit much.

I disagree with "pay junk fees or points, not both." If you want to believe that the junk fees are a number that actually cover some costs associated with originating the loan, then charging a fixed interest rate will nearly every time end up meaning you are overcharged.

I like to explain our junk fees as actual costs that we end up paying. If we decided to charge an extra 0.5 points to everyone to cover the costs, then anything beyond a certain dollar amount will overpay.

Free quotes. Don't leave money on the table! If you are fixing and flipping or holding non-owner occupied residential properties, call me or email me for free quotes.

Fix and Flip:

75% of purchase and 100% of rehab with first rehab draw paid at closing!

Fast response times, funding in as little as 5 days.

Free price quotes can be done in one phone call.

DocuSign available, so you don't have to worry about print/sign/scan.

Wholesale fees may be financed! (call or email for details, as some states vary).

Cash-Out Refinances:

No seasoning requirements, can cash-out purchases with other lenders or cash purchases up to 75%.

Free price quotes can be done in one phone call.

Great for replenishing your liquidity after a foreclosure purchase.

Bridge the gap to long-term loans, while replenishing your capital.

CA, CO, CT, DC, FL, GA, IL, LA, MA, MD, MI, NC, NJ, NY, OH, PA, TX, VA, WA, WY

(exceptions may be made for other states on a deal-by-deal basis)

If I am not mistaking, there are several exceptions that you can apply for:

Owner is actively seeking to sell or rent the building; Building is under active construction; building is the subject of a probate proceeding or title is subject of litigation; building is subject of a pending application before a dc development board, special exemptions granted by the mayor.

Cool post, love the data Katie!

Welcome!

Research, learn, and connect as much as possible. Connect with me anytime if you have any questions.

Hello @Tiffany Allen!

Best of luck moving forward! 

Feel free to connect. I'd be interested to know what you had with DHM.

Lenders typically like to see interest flowing monthly, as it shows if there are any problems during the project (stop paying, lates, etc). However, there are lenders that will float all the payments til the end of the loan. In my experience, they are a bit more expensive than a monthly I/O payment lender.

Hi Faysal!

I wasn't able to follow this paragraph. 

Do you have an investor who is willing to go 300-400k in if you go 25k in? I would say that is fantastic leverage - just make sure you have an attorney assist you in going over the deal to protect you and your assets. Don't give money directly, be sure that the property is in your name and the mortgage and note are reasonable, with all the pertinent information clear and visible.