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Updated over 1 year ago on . Most recent reply

User Stats

26
Posts
18
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Chibueze Nwadigo
  • Rental Property Investor
  • Florida
18
Votes |
26
Posts

Looking for hard money lender

Chibueze Nwadigo
  • Rental Property Investor
  • Florida
Posted

Hello, BP fam, I am currently looking for a private money lender or hard money that will lend  some capital either toward down payment or entire purchase price. 

  • Chibueze Nwadigo
  • Most Popular Reply

    User Stats

    338
    Posts
    125
    Votes
    Ryan Davies
    • Investor
    • Salt Lake City, UT
    125
    Votes |
    338
    Posts
    Ryan Davies
    • Investor
    • Salt Lake City, UT
    Replied

    Here is how most will work:

    • Rates: 10% to 14% (Most Deals are 12%)
    • Terms: 1 Day - 24 Months (Most Deals are 6 months)
    • Fees: 3-5 points(%) of loan amount (Most Deals are 3 points(%)) - $2500 minimum fee
    • Minimum Loan Amount: $75,000
    • Max Loan: 65-70% of After Repair Value(ARV)
    • 100% Rehab Financing Available (Most Deals require 10-20% of purchase price down or cross-collateral)
    • Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 7-10 business days)
    • NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

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