pros v cons of hard money lenders

Buying & Selling Real Estate
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pros v cons of hard money lenders

Daniel Steeves
Rental Property Investor · Somersworth, NH · Member since 2018 · 3 posts · 0 votes

looking to get the next awesome deal, but I need help with the down payment. any thought on using a hard money lender for this and the pros and cons of hard money lenders.

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  • Jaysen Medhurst
    Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
    6y

    HMLs are pretty much shut down right now, @Daniel Steeves. Unless you have a strong track record and existing relationship, I'd look to other options.

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  • Odie Ayaga
    Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
    6y

    There are still HML's lending out there but it sounds like you're looking for a 2nd lien? Using some other loan and an HML for just the down payment won't work. You'd need to go to them for the whole purchase price.

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