Posted by Nate on January 13, 2001 at 22:13:09:
i agree, doesn’t sound like a hard money lender. although the 10 yr term is good, most hard money lenders want their money back in 1 to 2 years.
Posted by Nate on January 13, 2001 at 22:13:09:
i agree, doesn’t sound like a hard money lender. although the 10 yr term is good, most hard money lenders want their money back in 1 to 2 years.
Where Do I find a Hard Money Lender? - Posted by Todd
Posted by Todd on January 12, 2001 at 23:47:25:
Where do I find a hard money lender?
Re: Where Do I find a Hard Money Lender? - Posted by SCook85
Posted by SCook85 on January 13, 2001 at 08:57:54:
They are everywhere, you may already know some personally. You need to ask around. Ask everyone you know, especially anyone related to the real estate industry directly or indirectly, such as attorneys, accountants, contractors, other investors, realtors.
Typically a hard money lender is an individual just like you or I, they don’t normally stand out from the crowd.
Happy Investing!
Steve
Typical lender - Posted by LeonNC
Posted by LeonNC on January 13, 2001 at 10:50:21:
The guys I’ve found locally charge $350 appraisal, $350 doc prep fee and 2 points. The loan is currently at 14.9% amortized for 10 years. They also want money down on the loan. Is this typical? I think I’m going to keep looking because my buying and holding costs are HIGH.
LeonNC
Re: Typical lender - Posted by dewCO
Posted by dewCO on January 13, 2001 at 19:58:35:
The money down part is not typical. This might not be a true hard money deal. The 10 yrs. sounds very long (so that’s good for you, although who would want to keep it!). The rest sounds normal.