I’m looking for lenders in my area. I have worked, saved and reinvested over $100k which is invested right now, but in this area it seems the best properties come up in groups, and I’d like the ability to purchase multiple houses when the great opportunity presents itself rather than doing one at a time and waiting 2-3 months until the next house with enough potential comes up. I’ve seen the hard money lenders listings, buy I’m unsure who’s reputable and uncomfortable giving that much personal info to a company I know nothing about. Any help is appreciated.
Good Afternoon! I would suggest that you ask some local professionals, such as real estate agents, cpa’s, and/or real estate attorney’s for some referrals to lenders. It is great to work with someone local, but seeing we are dealing with commercial finance, many lenders provide nationwide lending. One key is to be wary of any upfront fees before you receive any letter of intent or other formal lending terms based on your loan scenario. The fees should be used to cover such things as the appraisal, title for the property, and attorney document preparation. These would be considered “due diligence fees” and are standard in this business, but they can also vary greatly from one lender to another. Some fees require a deposit which may or may not be refundable if the terms that were originally offered are not extended after the due diligence is completed.
You should lock in with someone who is very knowledgeable about the business and about your goals and objectives as you will be providing documentation and do want to be sure that your information is being presented in the best way possible. This may also mean that your file needs to be prepped in a way that requires some work on your part to get everything that may be needed in place, which includes adequate capital reserves, credit, etc.
Good luck with your search!