Skip to content
Private Lending & Conventional Mortgage Advice
Account Closed
  • Contractor
  • San Diego, CA
221
Votes |
432
Posts

Closing escrow with hard money

Account Closed
  • Contractor
  • San Diego, CA
Posted Oct 20 2018, 16:02
Hi, I have a house under escrow in Tennessee, planning to pull a hard money loan to close the deal and fund remodeling. I can pull together my own finances to close, but won’t have enough to Brrrr, and will have to work too hard to fund myself. I want to get this thing hard money financed, but am hearing things that make it sound more complicated than I thought. A hard money lender said I need to have an LLC for the purchase, 15k bank statement for last 2 months and $3,500 minimal fee for loan along with 12% interest on 13m loan. This probably sounds like no big deal.. Does this sound normal? This will be my first hard money loan, first LLC, and first Brrrr. I’ve done 2 other deals and purchased a few properties and am just learning the ropes of financing and wise RE investing.

Loading replies...