Posted by Kent C on January 26, 2002 at 04:15:21:
I think most usage of high interest hard money is for temporary funding. Such as to fix up the property …like a construction loan. Then after repairs are made, refi at reasonable rates with a lender and cash yourself out, paying off the hard money lender.
Kent C
Hard Money Lenders - Posted by Dion Parker
Posted by Dion Parker on January 25, 2002 at 23:53:59:
Is it good to use hard money lenders if you’re planning on using your property as a rental? Or is it best to stay away from that high interest?
Re: Hard Money Lenders - Posted by SCook85
Posted by SCook85 on January 26, 2002 at 15:09:00:
Using hard money lenders is an excellent way to purchase your properties, but not a great way to hold them. The advantage to acquiring rentals with hard money is that you can get 100% financing and then refinance with a bank to avoid the down payment. Banks aren’t going to give you 100% loans on your rental properties for purchase. But they will refinance your loan balance.
Steve