Hard Money Lender is a little too pricey

[Manny Fernandez]

Hello friends! In the midst of the chaos, the Texas market continues to go strong and we are still buying and flipping. We are working on acquiring a property in Mansfield, TX (Suburb of Fort Worth). The purchase price is 250k, Rehab is 100k and ARV is 450k. We have reached out to 6 hard money lenders about the deal 3 aren't lending, 1 hasn't responded and 2 have responded and are about the same terms. Here's the terms so far: 70% of the ARV and 90% LTC. So they are lending 315k but we have to put 25k of that out of pocket since they are doing 90% LTC. Next, Interest is 11% which is nice, but there are 3points up front and a few extra fees for appraisals and such. Not terrible terms, but just looking for something with fewer points or 100% LTC or something like that. Let me know if anyone has any leads or other ideas. Thanks!

[Russell Brazil]

During the housing collapse, I was paying 4-5 pts and 13-15% lol.