Discussion Forum

Equity Development Corp. - Any one use before?

Posted by: Mat  Agent/Investor
Posted on : 3/10/2010 12:32:09 PM

Just wanted to see if anyone has used them in the past.

Thanks. Seems like a decent Hard Money source.

Mat
Invessa Group
Helping Kansas and Missouri - One Property at a Time
913.254.3066

http://www.InvessaGroup.com
http://realahhstate.weebly.com

Re:Equity Development Corp. - Any one use before?

Posted by: BakerPark  
Posted on : 3/10/2010 11:02:39 PM

I have used EDC before a few times.

They are decent to deal with, unless the local rep is difficult.
They aren't cheap, but they don't charge any stupid fees like inspection fees or anything.

Re:Equity Development Corp. - Any one use before?

Posted by: Mat  Agent/Investor
Posted on : 3/11/2010 12:51:28 PM

Thanks for your input. Did your branch have in-house project management? Or did you come up with your scope of work with your own team? Here in KC they have a PM who can help come up with scope of work for the appraisal and see the project through completion.

Mat
Invessa Group
Helping Kansas and Missouri - One Property at a Time
913.254.3066

http://www.InvessaGroup.com
http://realahhstate.weebly.com

Re:Equity Development Corp. - Any one use before?

Posted by: BakerPark  
Posted on : 3/11/2010 1:12:16 PM

They have field reps that oversee the job to a certain extent.
You submit for a draw by Tuesday, the rep comes out Wednesday to inspect the job. If everything is up to snuff, you'll have the $$ Friday.

I believe the local reps are on the hook for the loan if things go bad, so they are usually pretty picky on the rehab.

Which can be both good and bad.

You can have your own guy do a scope, but it needs to be on their form, which you can download from their website. Then the local guy will double check it to see if you covered everything and it makes sense.

If you haven't already signed up for an account, go here:
http://equitydevelopmentcorp.com/jgrassi

and I'll rebate you a few hundred bucks in closing costs.