Hard Money 4-1-1 with Darel Daik
Founder and CEO of Noble Mortgage & Investments, Darel Daik has been in real estate lending since 1995 and has closed over $400MM in both commercial and residential transactions.
These closings involved residential, multi-family, office, retail, industrial, hotels, self-storage and residential land development. Daik has provided construction, renovation, and long-term permanent financing specializing in private hard money as well as conventional.
Darel sat down with us in a Facebook LIVE Training and shared some amazing insight for both beginner and experienced investors about the ins and outs of hard money loans and advice from both sides of the transaction as the lender or as the investor.
He gave us the 4-1-1 on what a hard money loan is, why you should use hard money, what you need to know about hard money terms, and exit strategies for hard money loans.
If you missed our session with Darel, you can still view it here.
Watch our talk with Darel and learn:
- What a hard money loan is
- Why you should use hard money
- What you need to know about hard money terms
- Exit strategies for hard money loans
- Going over example numbers
Below, we’ve included the main topics Darel discussed in his session so that you can skip to the parts you’re most interested in learning about…
4:29 What Darel does from an investor side
7:29 How a beginner can spot a good deal
13:42 How active are you with following up with the investor and project?
15:12 How does the process work with draw fees?
17:21 What can investors expect in terms of repayment and interest rates?
22:46 Working with first time investors on the hard money side
25:23 The best funding source for a new investor rehabbing
28:11 How has the lending industry changed?
30:37 Should someone get pre-qualified on funding before getting a property under contract?
35:06 Do you provide transactional funding?
37:41 How to handle appraisals and comps for areas affected by flooding or other severe weather damage
41:10 How non-flooded properties got affected
43:18 Hard money lending for commercial deals
44:43 What have you learned from being a lender that you apply to your own investments?
47:28 The current real estate rental market
49:09 Advice Darel would give his younger self
54:56 Advice Darel would give new investors