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Comparing hard money lenders side by side saved me $4,800 on a fix and flip in Tulsa
I was about to sign with the first hard money lender my realtor suggested, 12% interest and 3 points. Then I spent a weekend lining up three different quotes for the same 200k loan. Turns out one lender in Oklahoma City did 10.5% with only 1.5 points and no prepayment penalty. The difference over my 6 month flip timeline was huge, like $4,800 total. Point is, the first quote is never the best one, especially when they know you're in a hurry. Has anyone else found big gaps just by getting a second or third hard money quote?
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andrew_rodriguez1mo ago
The part people miss is that the gap gets even wider once you factor in the fees nobody quotes you up front. One of the lenders I called had a "doc prep" fee of $1,200 and a $500 processing fee tacked on at closing, and another wanted a 2% exit fee when I sold the place. So that 10.5% rate can turn into 13% real quick once all the junk charges land. Ask every single one for a full fee sheet in writing before you compare rates, otherwise you are just guessing. Two loans can look the same on the rate and be thousands apart by closing day.
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