Was just wondering if any one has heard of this
I had some one tell me that a hard money lender would loan them funds on a home if they could put 35 % down on the deal
And there credit was in the 500 fico range
Any one know of this or a hard money place that does this ?
generally 35-40% depending on the deal.
And this is wnat most hard money lenders are doind now ?
And this will and is a mostly safe bet the loan will go through ?
What in general are the terms on this type of loan 24 mos. more ?
Each hard money lender is different, from looking at their websites I’ve noticed that they’ve changed their rules (require more money down etc)…you can take a look on the left side of the screen where it says “Investor Resources” and right under there , there is a link to Hard Money Lenders you can find some that fund in your area. They should also tell you their terms as well. Usually the terms are 1 year or less as the interest rates are usually over 12% per year.
Many dont actually need you to put the money down just need the equity to be there. It varies.