Hard Money Loan for a rental

[David Harley]

Hey ya’ll

Was talking to a buddy of mine about HMLs - what kind of rate should I expect? Also, I live in Nevada and I will be using it for a rental purchase in WA - if I do not intend on flipping, is a Hard Money Loan worth it? 

Thank you BP

[Timothy Wolfgram]

Hey @David Harley, most HML's are in the double digit interest rate range. It could be a good way to go if you are looking for something like a no-income doc loan program, have trouble qualifying conventionally or interest only type product to complete some work around the home. There are hard money programs that have a fixed rate for the short term and by the time it adjusts, then you could look to refi/sell depending on your intentions for the property at that time. Really the best way to find out is to call around and ask.

Best,

Tim Wolfgram