Updated about 13 years ago on . Most recent reply
Hard Money Interest if you have great credit?
Hey guys,
What are the hard money interest rates for a SFR if you have like a 785 credit and good professional job and income?
What are the rates for different balloon times?
Most Popular Reply
Jack Lee
Jeff S is correct, rates vary by locale, and any time you get a "national hard money company" to quote a rate, it will usually be high, to compensate for the lack of local knowledge.
In addition, I don't know of any lenders who have preset rate schedules for different Tterm lengths.
Find some lenders local to you, either by googling, or by asking other investors in your local area. You can also sometimes find them at the local real estate investor meetings. Even within local lenders, you will find a wide variety of rates and appetites.
Be prepared to discuss the deal, your experience, your exit strategy out of the loan, and the amount of cash you have available.