I got my first hard money loan approval for 47,000. It's a Rental property with a 24 month term loan and no prepayment penalties. i only need the money for 2 month. Waiting on Heloc to process. Does the fees seem reasonable.
Lender · Arlington, TX · Member since 2018 · 465 posts · 184 votes
7y
For hard money that seems reasonable. It looks like origination is just over 3 points. In theory you might be able to get lower points, but at that loan amount most lenders who would only normally charge only 2 points etc. may have some sort of minimum for origination fee when loans are that small, so likely you would not save anything.