Posted by Becky IL on July 22, 2001 at 23:44:41:
Why would you want amortized payments on a short-term hard money loan? Do you want to pay more when the property isn’t bringing in any money? And by the way, all hard money loans have a balloon payment, anywhere from 6 mos to 24 mos.
Hard Money Loans - Posted by Jason
Posted by Jason on July 22, 2001 at 12:33:56:
I was wondering do hard money loans only come in interest-only payments or can they slowly amortize for a short period of time with a balloon payment at the end? Thanks for any responses.
Re: Hard Money Loans - Posted by Paul_MA
Posted by Paul_MA on July 23, 2001 at 24:39:58:
One hard money lender that I know will allow you to pay the interest only and balloon it at the end of 3 months.
His max is 30k, term 3 months.
If you borrowed the 30k, you would be allow to pay the $500 interest for the 3 months, then, if allow to, he will extend for an additional 3 months, same terms, all coming due in 6 months.