Is it a good idea to use a hard money lender in NE

7 Replies

@Elmer Bonilla

What is the reason you are looking at HML as opposed to conventional financing? What is your end goal for this property?

If you can give a little more information maybe we can get a better idea on advice to give you. HML tend to have a little higher rates than conventional loans, but they are perfect for fix and flips, BRRRRs and people with high DTI that wouldn't qualify for a conventional mortgage.

    @Elmer Bonilla

    Then Hard money makes the most sense. You get a interest only loan for 6-12 months and once you sell the home or cash-out refinance you pay the Hard money lender off. In my experience they are really easy to work with, close a lot faster then bank financing, and some fund 100% of the rehab. 
    It sounds like the plan you have is perfect for hard money.