Hard Money Lending????????

Question

Can anyone give me some info. on hard money lending? How much money would I need to have, what are the rates and terms? Thanks Hugo.

Ann Bellamy · Answer

Assuming you are trying to borrow, Hugo, you should contact lenders local to you.  Hard money rates and terms, like real estate, are local and vary significantly from lender to lender and from deal to deal.  So there is no one answer to your question.

Check the hard money lender guide here on BP, and go to your local REIA for references to local hard money lenders.  Be sure to ask about their reputation when someone refers you.  Then call the lender and simply ask.  Each one will have different rates and terms.

Hans Restuccia · Answer

send me an email and I will give you details- we are very busy!!!

Thanks for the mention @David Beard

Account Closed · Answer

David,

This is the answer I was looking for.  Thanks.

David Beard · Answer

This Miami lender is apparently very busy with loan demand, according to their manager, @Hans Restuccia, and you can see their terms at the link.

http://www.prinlend.com/loan-terms.html

Account Closed · Answer

I asked a local invester the same question I posted here. "Can anyone give me some info. on hard money lending." I got a straight answer from him right away. He pays 5 points and 12% apr. for six months.  I know this is not the only scenario in the world, but at least it's an answer. Now I can formulate more specific questions.

Ann Bellamy · Answer

Well, that is a totally different question.  There are a few previous threads on the topic, suggest you search here on BP using "become private lender" and "become hard money lender".  I think those will then lead you to more related threads.  Then you can perhaps ask more specific questions.

Regardless, you will have to know what the market rates are in your area, and decide what you are comfortable with.    Suggest you still talk to as many local people as you can.  Then you will need to decide whether you want to do your own marketing for borrowers or place your funds with a broker who will do that for you.

Really your question is still to broad at this point to give you a meaningful answer.

Account Closed · Answer

Thanks for the replies. I'm sorry I was not very clear. I was talking about me being a lender.

Andrew S. · Answer

@Hugo Gort, are you trying to be a lender or a borrower?

Jon Holdman · Answer

It varies quite a bit.  Figure mid double digit interest rate, a handful of points and 6-12 month term, maybe a bit longer.  Most lenders want you to have some skin in the game but many will also fund at least part of the rehab cost.

Account Closed · Answer

Hugo,

Sorry no one can answer your question until you provide more details on what you are trying to do.

Joe Gore

Hard Money Lending????????

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