Updated over 5 years ago on . Most recent reply
Hard money lender question
Hey BP fam! Hope all is well!
My question today is regarding hard money lenders. Essentially, how much should you prepare to bring to the table of your own money? I believe I've heard it would be a lot more than an FHA loan (3.5%) maybe around 20% or even 30% of the loan. Any other info you would like to share regarding going with hard money lenders for a newbie I am all open too!
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It really depends on the HML, some say 20% other wants you to have reserves.