Has anyone here ever gotten a hard money loan?
Jun 24, 2009
in
Hard Money Loans
I've been told about this program and a little weary about it. I'd like to hear from people with experience with this that have invested in homes.
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One comment
Matt G on June 24, 2009 at 10:31 pm
A hard money loan is usually done by a private individual or a company that specializes in investment property financing or poor credit financing. You will pay a very high rate and high closing costs. Most of the time it is a good idea to refinance these loans as soon as possible. Usually hard money lenders can make loans at higher values than traditional lenders. I would ask for refrences and be prepared to get hit on rate and costs. Most of the time it is not a scam…they just do loans that no one else can do.
If you are looking to rehab a property this may be your only choice unless you have some money to put down. If you have some $$ to put into the transaction you need a bank rehab loan …probably from National City or IndyMac. Call those banks or a local broker depending on where you are located.