What are average terms with one of these hard money loans? I got a flyer from a guy offering 15%, I assume interest only, 70% LTV, and 4% origination fee. Is that good?
That's typical for around here.
Hey @Reggie Maggard - that is pretty typical from what I hear in your area. We don't lend there, but I know in CA where it is a little bit more competitive, rates are around 8-14% and 2-6 points. I would just make sure to clarify all the "junk fees", they usually amount to around $1500-$3000 here, which is all unnecessary. Also, make sure there are no prepayment penalties. Good luck!