I went through HARD EQUITY FINANCING, signed all their required paper work, was approved, was advised to make offers, did that, and now when closing time is here, they will not respond to phone calls, emails, nor faxes. I am about to lose the deals and the money I put down. THEY ARE TERRIBLE AND I CAN NOT AFFORD TO LOSE THE MONEY!!! I had no $$$$ before, and now I have even less!! STAY AWAY FROM THEM!!!
Wow, sorry to hear about that. What a horrible story! It definitely pays to do your due diligence on any lender. I’m sure there are some decent hard money lenders out there, though. But I don’t speak from experience since I’ve never had the need for a hard money lender.
What was your exit strategy if you don not mind me asking? I have tried to work with Hard money lenders but they want 20% down just like banks and low ltv and for me to guarantee the loans personally. What if you can not sell quickly? I decided to forget hard money and started to look for private money and I will never look back.
Redhawk
If you cannot sell quickly, refi. You can get 75% LTV refi’s at about 5.5%, not bad.
What hard money lender charges 20% down? What’s the point? Banks will lend to decent credit with 20% down. There are more and more renovation loans popping up from small local banks if you cannot cover rehab costs.