Hey guys,
I have been doing research on hard money loans in MD and wanted to know if the closing costs are typically rolled into the loan along with the points that are being charged?
Are you speaking about a refinance or Purchase.
On refinances they are rooled into the loan, on a purchase they typically will want it out of pocket. However this depends on your LTV. If it is low enough, you can request that the fees are rolled into the purchase.
Some HMLs will allow you to roll in the cost of the purchase of the property, rehab and closing costs assuming that the total sum of these costs doesn’t exceed the loan’s LTV/ARV allowance.
Hope that answers your questions.
Regards,
Thanks everyone. I spoke with someone here and they will roll everything in
Most hard money lenders that do rehab loans will allow you to roll in the payments, closing costs, and fix up along with the purchase if it fits into the 70-75% arv.
If that one doesnt workout for you let us know.