When evaluating various hard money lenders, you should pay close attention to interest rates, fees and loan terms. You should also keep in mind that a majority of hard money lenders will typically only loan you a certain percentage of the purchase price - usually around 70%. Note that the interest rates may range from 8-15%, and the points range from one to five. However, the fees and rates are often higher with hard money loans. ![]() Unlike conventional bank loans, your ability to get hard money financing is not determined by your creditworthiness. ![]() They are also ideal for owner-occupants with substantial equity in their homes and a great credit score.Īnother great thing is that you can finance all the property repairs with some hard money lenders. A hard money loan is one of the best options for individuals who are experienced investors and have one or multiple existing properties.
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