Posted by John on June 22, 2005 at 20:42:30:
Hard money lenders (HML) are used mainly for investment property where you don’t have the time or credit to get a traditional bank loan. HML chrage high fees and 10-15% interest and loan 65-70% LTV. The have their place with investors, but I only use them in certian situtations
I Don’t get it!!! - Posted by Debbie
Posted by Debbie on June 21, 2005 at 10:22:02:
When would you use a hard lender? I am interested in a house right now but only on short term basis. I would like to stay in it for a little while, so it appreciates and also to add some updates. Would I use the regular bank lenders or these “hard lenders” I keep hearing about. I thought hard lenders are for investment properties only. This is sort of an investment since I don’t plan on staying in the house for more than a year or so, but it would be my primary residence. Someone please explain.