Hey BP! This seems like a really elementary question that I probably learned at some point but, for the life of me, I can't find the answer. When analyzing a potential flip that I intend to use hard money to acquire, how do I determine the payments to that lender for holding costs? Is there a tool/calculator that you use or is it a basic formula? I can find mortgage payment calculators all over the place, but have had zero luck with this.
Most hard money lenders charge interest only, so just you would need to know the interest rate and the loan amount
100k loan 10% interest payment per month= $833.33 Some will not charge monthly and tack it on the end, so its best to speak to a couple and see what they offer.