Why not go straight conventional if the property qualifies?
John D., Palm Vacation Rentals | [email protected] | 4155195039
@John D. I have thought of that but timing is everything so it will take much longer to fund a conventional loan opposed to hard money. Also if I can come with 10% down initially rather than 25% it would be my preference.
The only downside I see with this is that you're paying twice for money you're borrowing. As you mentioned it also gives you time to gather your higher down payment. I think it's a great idea to go with a lender that will get you the deal quickly. In my opinion it's better to have a deal than lose it with financing that takes times...as long as you're making money. So I would do all the calculations upfront to see that if the expenses of Hard Money at first will still give you the profit you're looking for in the end.
Hope that helps!
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