hard money terms
Hello bigger pockets I have a question regarding harmony lending terms of what's typical in the contract.
I have a closing coming up and the final terms seem different than expected. I am being told that the terms are normal.
So biggerpockets my question Is in the terms of a hard money lending of a withdrawal of funds on a rehab. I have to make the repairs then make a request to draw on the a count. So I am being told that they inspect and determine that it was repaired then they will fill a form and send us a check.
The questions is that on the contract it states that they the lender may pay or not pay for the work for the repairs. Is this normal or not.
This terminology is what is worries me because whatever I spend for repair and is completed I expect reimbursement. As the lender stated on the phone. I make the repairs then they pay.
So is his terminology normal or not biggerpockets?
At the end I understand the goal is fix and refinance the property and keep it as a rental.