If you’ve flipped enough houses you’ll know that it pays to be thorough. Your scope of work has to cover everything that needs to be done in the rehab. It also pays to be thorough when it comes to choosing your hard money lender. You want the lender best suited to work with you given the way that you do your acquisition, rehabilitation and flip. The funding has to work for the way that you operate. To be thorough every investor getting ready to flip another property should put together a list of the Top 10 Hard Money Lenders Philadelphia.
What Lenders Should Go On YOUR Top 10 List?
Here’s five criteria you’ll want to consider before putting a hard money lender on your list.
Located locally: There are some hard money lenders operating nationwide, but they tend to offer less flexibility than a local hard money lender. You’re flipping homes in Philly and you’ll find it more convenient to deal with someone who understands the city and can begin to assess based on the street address alone.
Excel in communication: Your deals are time sensitive so whether it’s a “yes” or “no,” it’s better to find out sooner than later. Do you get timely replies to your emails? How long does pre-qualification take? Will the lender keep you informed through the process?
Focus more on the property’s value than your credit score: You’re not going to a bank and applying for a mortgage, so your loan application with hard money lender should be more about the property’s value and your flip project than your personal credit score. Are you pursuing a good deal that they will finance?
Offer good analysis of your flip: To be on your Top 10 Hard Money Lenders Philadelphia list, the lender should be thorough in their review of your scope of work and interact with you on any issues they see or advice they could give you. A good lender wants you to succeed.
Experienced in real estate investing: Recently I was at a famous chicken restaurant that had been advertising a new chicken dish. I asked the waiter if it was good, but he was a vegetarian! (As it turned out, it was kind of nasty. I wish someone there had a clue!) You’ll find it much better dealing with a lender with team members experienced in real estate investing. It will give them better perspective on what you’re doing and you’ll have more assurance that you’re being understood.
What about Legacy Capital?
Legacy Capital meets these criteria which is why we appear on so many investors’ Top 10 lists. One Philadelphia investor said, “You feel more like a supportive business partner than a lender, which is a wonderful thing!” It’s your Top 10 Hard Money Lenders Philadelphia list, and these are great criteria to consider, so we hope you’ll give Legacy Capital the chance to earn a spot on your list!