When your just starting out you hear lots of terms like soft and hard money lenders...can anyone explain this to me? I'm trying to line all my ducks up before I get totally wet. I know that there may be a time when I need to borrow money and it would help to know which avenues there are available. I don't have perfect credit, bordering on no credit at all since I pay a lot of things in cash, but I'm trying to fix all this. Can any one assist me on this topic? :help: thanks!
I know a little about Hard Money Lending...
Hard Money is money that is lent at a high interest
rate (oh, 14% or so), does not take your credit
history into account, and only takes the condition
of the property into account.
They can be closed quickly and are (obviously) for
short term (not more than 2 years I would hope).
You do it as a bridge loan to tide you over while
waiting for the property to sell, or to refinance,
How hard is it to find hard money lenders and is it worth it? I'm trying to learn all I can. it sounds like a good way to go, but you know what they say about sounding too good to be true and all that! :wowie: just trying to look at the big picture as well as all the little details!
sounding too good to be true
Oh, around 14% or so
I think what you mean is that they can be gotten
quickly and don't rely on your credit is what is "good"
I must emphasize the high rate. Really high.
You know what?...they charge a lot. :crying:
As for knowing such a lender...you do...me.
Did I mention the high rates? :shock:
But if you need one (or just think you do) maybe we
need a friendly chat. My contact info is in my profile
and on my website.
:rock: Ok, I get it! Very high fees! I had to laugh at this one! did I mention i was a little slow sometimes! :chicken: I will have to contact you, just in case, I don't need the money yet, but I anticipate needing it soon, just don't want to skip anymore steps! Thanks! :goofy: