Hard Money Lending (by TOM [ME]) Jun 5, 2021 9:25 AM
Hard Money Lending (by Ray-N-Pa [PA]) Jun 5, 2021 11:00 AM
Hard Money Lending (by Robert J [CA]) Jun 5, 2021 11:07 AM
Hard Money Lending (by Ken [NY]) Jun 5, 2021 12:10 PM
Hard Money Lending (by GKARL [PA]) Jun 5, 2021 12:21 PM
Hard Money Lending (by Nicole [PA]) Jun 5, 2021 12:31 PM
Hard Money Lending (by 6x6 [TN]) Jun 5, 2021 3:59 PM
Hard Money Lending (by tryan [MA]) Jun 6, 2021 7:10 AM
Hard Money Lending (by Ray-N-Pa [PA]) Jun 6, 2021 2:32 PM
Hard Money Lending (by Robin [WI]) Jun 6, 2021 5:33 PM
Hard Money Lending (by TOM [ME]) Posted on: Jun 5, 2021 9:25 AM Message:
In years past, some of you have spoken of hard money lending.
Could anyone doing this please speak about the ins and outs of it and rates you are getting, etc.
Thanks.
--74.78.xxx.xx |
Hard Money Lending (by Ray-N-Pa [PA]) Posted on: Jun 5, 2021 11:00 AM Message:
Tom,
I can't be much help with going rates and what have you are looking for. I have been out of that market for a couple decades.
Money seems to be flowing easily and quickly - many argue to easily and too quickly. So hard money has not been in demand that much. I would hope you look to private money instead.
Go to a SDIRA event and pitch your investment opportunity. There is tons of money sitting on the side lines right now. --72.23.xxx.xx |
Hard Money Lending (by Robert J [CA]) Posted on: Jun 5, 2021 11:07 AM Message:
There are so many private people and lenders that are dying to give Hard Money Loans to real estate investors with property as collateral. Terms 6 to 18 months. Rates around 5%. And if you renew or extend, it can be done for a fee....
Hard money lenders can so what Banks can't! A bank has to get approval from their board for each loan and get full documentation. A Hard Money Lender needs you signature and a few days to process... --47.155.xx.xxx |
Hard Money Lending (by Ken [NY]) Posted on: Jun 5, 2021 12:10 PM Message:
In my area hard money is 15% and 5 points and yes i have paid it years ago when i needed it,havent needed it in awhile.The good part of hard money is i can make 1 phone call to a friend who loans money like that and he will want to see the house and i get the money no problem.5% is what i call private money which i think is way too low for the risk,my dad even charged me more than that --72.231.xxx.xxx |
Hard Money Lending (by GKARL [PA]) Posted on: Jun 5, 2021 12:21 PM Message:
I just paid off a HML with a refinance. Terms were 9.9% interest only. The same company offers permanent mortgages as well with rates around 5-6%. Getting the loan was quick and easy. They relied on the collateral and my experience mainly. If you needed to extend, you paid the fees and did so. I had to do that once due to Covid delays on the renovation. --209.122.xx.xxx |
Hard Money Lending (by Nicole [PA]) Posted on: Jun 5, 2021 12:31 PM Message:
...Rates around 5%...
15% here. Not sure of the points but I'd guess 3-6. --72.70.xxx.xxx |
Hard Money Lending (by 6x6 [TN]) Posted on: Jun 5, 2021 3:59 PM Message:
Hard Money Lending (by tryan [MA]) Posted on: Jun 6, 2021 7:10 AM Message:
I saw 12% with 3 pts .... opted to borrow from a family friend at 8%. The cash was used for a HUD auction. The lender likes to say "I bought her a car" because the monthly payment was a little more than her car payment.
Of course the rent I was getting was 3x the monthly payment so everyone wins. --71.241.xxx.xxx |
Hard Money Lending (by Ray-N-Pa [PA]) Posted on: Jun 6, 2021 2:32 PM Message:
I am sensing that some people are confusing PRIVATE money and HARD money.
The name of the lender in a Hard money deal is UNCLE KNUCKLES
The name of the lender in a private money deal is Ray's Living Trust FBO account #1234
Private money is 4-7% without point and tends to be 2-7 years
Hard money is 8-15% plus points, for a period measured in months --72.23.xxx.xx |
Hard Money Lending (by Robin [WI]) Posted on: Jun 6, 2021 5:33 PM Message:
What Ray said. Hard money 12-15%, 3-5 points for less than a year. With interest rates so low right now, I'd suggest looking into a HELOC or personal line of credit. Our bank gave us a $20K unsecured line of credit just on the basis of our good credit score. --104.230.xxx.xx |
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