Posted by Bill K. (AZ) on May 02, 2000 at 18:22:07:
Diane,
The terms vary from one lender to another. However, the few that I’ve been in contact with would charge me anywhere from 1-5 points origination, and 12-16% interest. Generally, the more I pay in points, the lower I can get my interest rate. So, for a loan of 1-day, try to get a higher interest rate so that you can pay fewer origination points. Keep in mind that a lender may also want to make a minimum in interest. So, for example, you may pay for 3 months worth of interest even though you only need the loan for a day.
I hope this helps.
Bill K. (AZ)
Typical rate/points for a hard money loan, term of 1 day? - Posted by Diane(Bay Area)
Posted by Diane(Bay Area) on May 02, 2000 at 17:49:06:
I am lucky enough to have an electronic bulletin board provided by my employer for employee use. People post all the time about what kind of house they want. So I just read one and I have the house they’re looking for and I want to do a simultaneous closing. Are there hard money loans out there with very short terms, like 1 day, and how much interest/points do they typically charge?
Re: Typical rate/points for a hard money loan, term of 1 day? - Posted by doone
Posted by doone on May 03, 2000 at 20:01:08:
I may be missing something, but with a simultaneous closing, you don’t need a lender, do you? You use your buyers funds to pay for the house.
Doone