Posted by michael clyde on March 15, 2005 at 20:07:48:
i am an investor with a full time job and would love to find a private investor in the metro atlanta area, i have kind of poor credit because of a foreclosure last year. could you give me some names and a bit of good advice to get me back on the right track?
Private Lenders - Posted by Robert
Posted by Robert on March 14, 2005 at 17:02:57:
In the next 30 days, I want to be doing one or two rehab projects to build some cash, and I was interested in using private lenders to do this. What kind of rates/terms are usually offered on these “short-term” deals? By that I mean, if I’m offering someone 15% annual interest, but the money is only working for 3-4 months (rehab time + selling time if all goes well), is it wise to offer a “minimum 6 months interest” on every deal? Or maybe some other structure?
By the way, I’m in Ohio.
Thanks,
Rob
Re: Private Lenders - Posted by Drew
Posted by Drew on March 15, 2005 at 07:53:42:
Dont forget to ask about a pre-payment-penalty!
Re: Private Lenders - Posted by wes
Posted by wes on March 14, 2005 at 17:18:12:
You usually do not have to worry about a minimum number of months interest.
The lenders will usually take a fee of 5 or more points at the time you get the loan and they “hope” you pay them back as soon as possible so they can lend the money again and make that 5+ point fee.