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Updated almost 2 years ago on . Most recent reply
PML interest rate?
Regarding a private money loan for renovation, what points and interest rates are you paying for 20K - 50K loan from a PML? Term would be simple interest loan for 3-6 months. Lender is in Colorado and the properties are in Kansas and Texas. Thanks for your help!
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Doug Smith
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Doug Smith#5 Private Lending & Conventional Mortgage Advice Contributor
#5 Private Lending & Conventional Mortgage Advice Contributor
- Lender
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Our minimum loan is $100K, so this isn't going to exactly jive with your amount in your post, but we closed an investor construction loan today at 11% with 2.5% in points. He is a very experienced, savvy investor. We can go up into the 12%s and up to 3.9% in points for less experienced investors. Renovation loans run about the same.