[bostriba]

Is there an upfront fee for underwriting hard money? I have heard yes and no.

How long does the process of getting hard money take? days, weeks? - and when does loan occur?

Should I go to multiple underwriters (as is the case with merchant loans)?

Will underwriters indicate 'declines' in a prompt manner as opposed to sitting on a file that clearly has no chance

I need recommendations for those in the business. I have 2 clients in Minnesota-who will work with them? One has 1 unit residential-the other has some commercial properties with some equity in them.

I need results fast. If there is anyone out there that can do this job and fast then please get in touch with me ASAP. We can talk this weekend if you want. If you are not quick in processing these type of loans then please do NOT respond. Too much time has been wasted. I need a professional.

John

[omegafund]

We do a lot of hard money.
yes and no for hard money it depends on the location and property type. For residential usually no upfront costs.
For commercial real estate deal yes, most national lenders will charge 3k-7K for a deal. Anyone that charge more than that be very careful! But if you have a local lender that can do it without fees. Most of our guys will just charge a BPO fee 500-1,000 upfront.
Be careful shopping the deal but you have to sometime. MOst lenders know eachother and if a deal is being shopped by multiple brokers it will kill it.
I would not work on residential but the commercial maybe, Less than 50% LTV would be interested
Loans can fund 3-7 days it all depends on title company and corporate documents in order
bzuniga@omegafund.com