Updated over 6 years ago on . Most recent reply
Personal Loan or HML for BRRRRR
Hi BP! I am looking at a few BRRRRR properties that would cost $65-75k to acquire and rehab. If I only have $40k cash available, would you recommend a personal loan or line of credit from a local credit union? Or secure a HML for the remainder needed? Thanks!
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Jeff Copeland
Agent
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- Real Estate Broker
- Tampa Bay/St Petersburg, FL
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Get the cash wherever you can get the best terms for your situation and the lowest cost of financing:
- How many points get charged up front?
- What is the interest rate?
- What are the payments? (Interest only, or amortized?)
- What is the term of the loan? (6 months, 12 months, 5 years?)
Hard money is usually the most expensive option, but it fills a void when other types of financing are unavailable.
- Jeff Copeland
Copeland Morgan LLC
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