Posted by James Strange on July 26, 2003 at 01:25:19:
Yes and No.
How fast do you need to close? If you need to close fast Hard Money is the way to go.
Do you need repair funds? A full doc loan to get repair funds will take a long time to get.
Will the seller be doing a big carry back or pay all points closing cost ect. On NOO loans most lenders limit sellers consesions to 3%. But not HM.
How long will you hold it? If its a long term hold then the lower rate will be important. That kills HM.
It really depends upon the game plan that you have for the property. It is a tool and as a RE investor it is good to have in your tool box. But it is not the tool for all jobs.