First approval for a newbie investor in Little Rock!
Hello BP world! Just got my first loan approval for $24k at 26% APR for 60 days. Should I run with it and find a deal or continue shopping? If so, what private lenders do you know of who would fund a loan no higher than 12 - 15% APR for a $30k - $50k foe a newbie investor?
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Doiron, congrats on the approval. However, 26% APR is extremely high especially for short-term funding. If you are going to use hard money or private funds, keep shopping and focus on lenders who offer 12–15% APR or better. Better terms will protect your margins and give you more flexibility on deals. For alternatives, ask for referrals from experienced investors and network at your local REIA. Those contacts often know private lenders with better pricing and terms for first time investors.