Los Angeles, CA · Member since 2016 · 1 post · 0 votes
Hey Everyone!
I'm in Los Angeles and have successfully BRRRR'd two duplexs over four years. I found a great property to buy and fix but the estimated costs are higher than the cash I have. I made calculations and a hard money loan seems perfect for this project to cover me during the construction period, but I've never done it before. Does anyone have advice on where I go to find hard money lenders and what I should be looking for?
Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
6y
Here is a good place to start with referrals. No exorbitant application fees and you should know how much you can pay at closing so you know what kind of LTV to look for. Rates and terms are up to you but are typically 9-14%, 3-5 points.