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Author Topic: Hard Money loans at 12%  (Read 1049 times)

Offline Thenuguy

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Hard Money loans at 12%
« on: July 24, 2007, 01:28:16 pm »
I spoke to a rep at 221 Home Loans dot com today.  This says that 15% is customary for hard money. I think this is really high.

Is there anyone who with a name of a hard money lender cheaper than this?

Offline Rich_in_CT

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Re: Hard Money loans at 12%
« Reply #1 on: July 24, 2007, 01:48:10 pm »
Title says 12%, you're saying 15%.....which one were you quoted?

Offline Iron Range

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Re: Hard Money loans at 12%
« Reply #2 on: July 24, 2007, 02:56:00 pm »
An interest rate of 12% or 15% for a HML isn't your biggest problem. You should only hold the HML until the rehabbing is complete. Then immediately refy the HML out.  2-3% shouldn't make or break you.  Getting the loan through at 100%, and finding a property that has a 65% ARV is the part to be worried about.   

Your biggest problems are:
-Getting a loan through.
-Getting a property that has an ARV of 65% or less.
-Keeping the rehab expenses as low as possible.
-Dealing with contractors.
-Refinancing afterwords. 
Great Tenants are an Investors Greatest Asset

 




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