I wanted to reach out to the community and see if anyone has any sources of hard money lenders that offer attractive terms/rates for credit A+ credit worthy borrowers in Georgia. I have a 800+ fico score, sufficient liquid assets to buy/rehab this project myself, but want to leverage my funds on this project. It seems foolish of me to pay 10-15% as a credit worthy borrower. Most of the hard money lenders I've been quoted from charge a minimum 9% interest with 5 points. I was hoping to find 5.5-7% with 0-2 points. Wondering if anyone has found better rates on hard money or rehab loans, and if so where.
You could use an interest only loan for flipping under 6 months. If you want rates that low you are going to have to go conventional. Hard money is a cost of doing business, but will allow you to leverage your assets.
You could also use the interest only loan and refi into a longer term mortgage with lower rates.
Hey @Adam Ailion you are not going to find Hard Money at those terms. The hard money lenders I know are not interested in making 6% with a point, while only having their money out for 6 months. You can definitely find those terms with rehab loans using portfolio lenders. Just visit your local community banks and talk to the right people.
This guy is in Smyrna. I've been watching his posts for a while because I'm very careful about who I do business with, and I will be calling him as soon as I find my next good deal.
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