Posted by Bob Beckman on August 25, 2003 at 11:33:18:
Of course we get a fee. Our interest rates may seem high, but they are so short term, (our loans average 4-8 months), that this never adds up to much, especially when you consider the risk and work we put into each loan.
If you want a local hard money lender, try a local real estate investor organization. There may be someone there with acceptable terms.
Almost all hard money lenders will have a property appraised (paid for by the borrower). That’s the surest way to find out the accurate LTV.