Trying to lean into hard money this time...big questions
We have been investing for a long time and have always used traditional banking. This time, we had a 3 month flip, and thought we would use a hard money lender, but when I saw the rates and fees, I was astounded. I knew it would be high interest, but they are not only charging 13.9% but an additional 4 points. We wanted to stay with a local lender (Jet) but we are thinking we should ask a few others to compare. Any thoughts? Maybe this is normal? Any others with experience with hard money (and hard rates?)
Thanks for welcoming us aboard!
Dwight and Karen