Warning: That local hard money lender who seemed too slick on the phone actually funded my flip in 3 days

I was dead set against using that guy with the flashy Instagram ads and the rented BMW. Figured no way a guy who talks like a used car salesman could handle a legit $180k commercial loan for my strip mall renovation in Phoenix. But my usual bank was dragging their feet on a 60 day timeline, and I was about to lose the option period. I gave him a shot out of pure desperation and he wired the funds in 72 hours with half the paperwork. The catch was a 13.5% rate and 3 points, but it saved my deal from falling apart. Has anyone else had a sketchy-looking lender actually come through when the clock was ticking?

2 comments

2 Comments

barnes.shane19h ago

Tbh that 72 hour wire saved my hide on a commercial deal too.

the_charlie19h ago

Same thing happened to me last year on a duplex in Tucson. The lender had a website that looked like it was made in 2005 and his voicemail was full. But he closed in 4 days with a 12.8% rate and 2 points. I had already missed one option period and the seller was ready to walk. The paperwork was just a few pages compared to the stack my credit union wanted. It felt shady the whole time but the money landed in escrow before the deadline. Sometimes the ugly duckling lenders are the ones who actually move.