Good windy day to all. I am new to this whole investing thing, and wanted to know what hard money lender people use in Virginia. I have seen a couple, but I am not sure who is good to use, and who is not. I also want to know what kind of rates and qualifications people charge for the loans. Any help would be awesome on this, and would really help me out.
Welcome! Have you tried the Hard money link here on the site? It would at least help to compare.
There are several different options for rehab loans. Is there a specific reason why your looking for a hard money loan?
There may be options available to you with your local bank or conventional lenders.
HMLs are good sources if you need them.
They will generally fund 60-70% of the after repaired value. That 70% can cover all of the costs, money to fix up, and money to purchase. In some cases payments can be rolled in as well.
Rates will range from 12-15% and you’ll be looking at 5-7 points.
Rehab funds are usually released to you upon work that has been completed. So you would need some funds to start the project or a flexible contractor.