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Am I the only one who chose a private lender over a bank for a rebuild?
After my credit tanked from a divorce, I had to decide between a hard money private lender or trying for an FHA 203k loan. Everyone on here swore by the FHA route, but I went with the private guy at 9.5% interest for a 6 month term. It cost me $4,200 in closing fees, but I closed in 10 days and got my duplex fixed up in Greenville before winter hit. Has anyone else had better luck skipping the bank altogether?
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young.ryan8d ago
Man my brother in law went with a private lender and they lost his paperwork twice before closing.
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phoenix_singh258d ago
Yeah but @young.ryan, your brother in law's one bad experience doesn't mean private lenders are all a mess, some of us need speed over handholding and 10 days closing beats waiting months for a bank to maybe say yes.
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Okay but what happened with the paperwork thing though like was it lost in some big pile or did they just straight up misplace it completely? Because losing important docs twice sounds less like a bad day and more like they're running a mess of an operation. I'm curious if your brother in law had any recourse or if he just had to grin and roll with it.
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