Hello everyone. I was wondering if hard money lenders deal with monies needed to close the deal (commercial or residential)? I mean the down payment that is required including any costs. The term would be short–probably paybale right after closing. Please advise.
john
Howdy Jmacrito:
Most HML’s want the borrower to have a stake in the deal. Somewhere at least 5 to 10 %. It is possible to borrow this but not from a HML. It would be from friends and business associates. I am looking for the same type money to do a deal too. I am borrowing $350,000 from the HML and need around $40,000 as down payment and funds to start the rehab.