Tim,
If I were in your shoes, I’d keep them on a list of ‘possible lenders’, and do as you suggest, seek local faster lenders.
Again, my dealings were as a seller in the transactions, but the last one really was a pain.
Closing was postponed 3 times until I personally got on the phone and pushed everyone to close, even making a last minute concession to get paid.
They were not fast, even when pushed, and my buyers told me the amount the agreed to fund went down three times, hence the delays.
Not sure if that was the buyers problem, or the lender.
The house appraised out, so it was not my problem.
Bottom line, I think an experienced investor, or at least one with enough ‘moxxy’ could use them effectively.
My buyers were not, and just did not know to push closings thru.
If the rate the buyers told me was correct, the money while not cheap, was not bad as far as hard money goes.
Then again, LTV HAD to be low, and yes, 5% in from the buyers…which I WAS allowed to cover some of on a couple.
Anyway, being proactive for your deals is the only way to get them to close.
That is the part of this business we REALLY get paid for…making sure we are getting paid.
Anybody have any experience with these people? They’re about 30 minutes from me so I thought that was certainly a good thing. I am bidding on a rehab project and would like to use a hard money lender for it. Just trying to get info.
I’ve been dealing with them for a little while but I have yet to close a deal with them. I’ve heard good things about them from others who have used them. The things that I like about them are:
One application, multiple loans
Multiple simultaneous projects
Quick turn-around time, you can get the $ w/in 2 weeks.
Short per project pre-approval sheet
Relatively short application packet
Easy access to your rep (I’ve been dealing with Matt Mariani, he’s very approachable and doesn’t mind questions and frequent contact; if you call him, tell him Rob in Memephis referred you)
A willingness to deal with newbies
Please bear in mind that I HAVE NOT closed a deal with them yet and I have had a great pre-deal experience with them so far. I’ve presented many deals to them for approval so far, it’s just that none have worked out thus far for various reasons (primarily that I got out bid).
** Beware: The money is expensive, so make sure to calculate the cost of the money into your bottom line before hand.
Sorry I couldn’t give more concrete info, I hope this helps you.
Tim,
I’ve dealt with Brookview before, but not as a barrower.
I have had several buyers use them to close deals with me.
About the only thing I can suggest is to stay on top of them.
The buyers who used them to buy houses from me were newbies (nothing wrong with that), who just did not seem to understand, a deal is not a deal until its closed.
Thanks to my want to get paid, I like to remain on top of everything in my deals.
Calling Brookview almost daily FINALLY allowed my deals to close,albeit a couple weeks later than scheduled.
Aside from that, their money was as green as the next guy.
I haven’t personally worked with Brookview, know people that have… Only thing I will say is they require (or at least did) require 5% of buyers cash in the deal, no matter how low below ARV you buy at.
TO me, that shows them not to be a true HML… but other than that, I can’t say anything else about em.
Check out a website called Rip-offReport.com, also listed as badbusinessreport.com. They have reports from consumers on all types of business, including most national chain finance companies.
Good luck on your bid.
Maggie
Thanks for the information. I’m finding that this company is O.K. but they’re not as quick and agile as I’d like them to be. I’m trying to find a local lender that might be able to move a little bit quicker. I don’t need “next day service” but I don’t want “next month service” either