Posted by nelson on June 15, 2004 at 22:43:57:
Yomi,
You have no room for leverage with a "hard money " lender. He who has the GOLD makes the rules.
Questions to ask Hard Money Lenders - Posted by Yomi
Posted by Yomi on June 15, 2004 at 19:21:42:
I want to use a hard money lender for my flips, should in case a deal falls through and I have to pick up the property. What questions should I ask the Lender to make sure I don’t get taken on interest rates, fees, etc. Also what type of credit score would give me good leverage to negotiate good rates? Thanks…I luv this board!
Re: Questions to ask Hard Money Lenders - Posted by Neill
Posted by Neill on June 16, 2004 at 24:28:51:
12 to 16% (interest only), plus 3 to 8 points, plus closing costs which are usually about $1500.00 (escrow and title plus a few incidentals).
That’s pretty much it.
I’m a broker in CA., and most of the brokers I know charge just about the same.
If you can find a private investor to work with, you may save a few bucks.