Hard Money Lender Recommendations
Hello BP fam,
I am working on acquiring a 9-unit residential building in Ohio. I am under contract for $215k. I originally was planning on obtaining conventional financing but upon flying out and visiting the property, I realized it was majorly in disrepair. I met with contractors while out there and received bids around the $35k-45k mark to renovate 7 of the 9 units. 2 are currently occupied with "stable" tenants. I was initially planning on going with a big lender with a nice 15 or 20 year amortization schedule, but based on the current condition of building - I am limited to HML's I believe. Plan would be to BRRR it and I know I can get great rents for the units once it is renovated & up to speed.
I see a few online Hard Money lenders, and I have called my local lender friends which have lead to wild goose chases, and various application fees. Currently, I am considering Finance of America Commercial, and a few unheard of brokerages with pretty high fees. What are typical points and rates associated with these kind of loans assuming 20-25% down?
Thanks in advance!!