All Forum Posts by: Nick Larsen

Hi Mike, I'm also up on the northwest side and I was wondering if you found anyone to work with and how you like them. 

Hello Eric, yes I have. I talked to five local lenders here in Houston before making a choice on the one I am working with. I noticed that all the conversations followed a similar path as they presented me with their pitch so it became fairly straight forward to compare different companies. The core products were all very similar but the ancillary products varied and the pricing was all over the place. You will have to decide which of the extras have value to you. Definitely get the answers to these questions:

How many points to close?

Rate on money borrowed?

Is interest charged on total loan amount, or only as it is drawn?

Length of loan and what is the cost to extend the time?

The lender I chose has a program to refinance into a long term fixed if you want to fix the property and hold it. (Pretty cool!)

Fees for appraisals, draws, and inspections.

How involved are they / are they willing to be in the deal selection process. (For new investors if the lender is willing to give an objective opinion on the deal those extra sets of eyes can be very valuable. They see lots of deals.)

How are they funded? Make sure they have a large and diverse portfolio to draw money from. You don't want to be waiting for your draw.

Hope this is some food for thought and gives you a place to get started!

thank you for your input. What are some of the specific terms that you look for in your loans. What rates are you willing to pay, what fees will you pay, what are junk fees that you're not willing to pay, how involved do you want the lender to be in your project, how do you feel about paying points. if you could answer those questions as if they pertain to a short term flip.

Hello BP people! 

I am wondering what are some good questions to ask and things to look for when interviewing a hard money lender?

Would anyone be willing to post the language or contract addendums that they use for cosigners and guarantors to their leases?