Hard Money loan question?

[Dan Krause]

Say for a $100,000.00 single family home what is the typical timeframe for paying back the loan? Is'nt it in the 6 month timeframe? What are the monthly payments like required by a hard money lender? Is the actual property (being bought) the only collateral required for a hard money loan?

[Jeff S.]

Lending terms are so local Dan Krause, that any out of town answer will not be representative and could likely confuse you. An average over many cities across the country won’t help you either. There are at least two places to find hard money lenders in your area.

The first, and obvious, is a local real estate club. You can often find local REI clubs at meetup.com. Attend one and you’ll likely get recommendations to others. (Or, start your own if you see a need!!) There might be some private lenders or flippers at these meetings that can give you specific advice. State your wants and needs if they allow these at the meeting, too.

Another option is Scotsman Guide. This is both an online and printed magazine directed to loan originators. You can do a search at their website for all sorts of lenders.

Jeff