Looking To Educate Borrowers On Hard Money

[Steven Lee]

If anyone might have any questions in regards to a hard money loan, This is is the forum to ask.  The more you know about how hard money works, the easier it will be the make the right investment.  

[Mike Klarman]

What state, Isaiah?

So if you have good credit, and the asset is good and the deal is good then 90%/100% isn't out of  the questions.

So let's say 97k purchase, 60k rehab, ARV 220k.

If you get 90%/100%

Loan amount 147,300 (87,300 + 60,000)

Your down payment: 9,700

Origination Fee: 2% - 2,946

Service fee: This includes a legal fee, underwriting fee, processing fee, etc: 1,500

Title Costs: 1,000

Insurance costs: 500 - 600

Interest Rate: 11.5% - 12%

Payments: 1,000 - 1,400 per month.  

You'll have to turn the utilities on at the house: 300 - 500

You get the work done as quick, efficient, and as good as possible and then list for sale or get a renter in there with a lease and start the refi process.