Updated about 7 years ago on . Most recent reply
Please Explain hard money loan
Ok i have watched many videos and looked online but none explained a simple answer im looking for Usually i read hard money loans go by points and high interest etc..and are short term typically 1 year....SO does that mean i barrow for example 50000$ i have to pay back 50000$ in one year plus intrest>? im not really understanding the monthly payment scenario can someone please elaborate thanks
Most Popular Reply
More or less, if your loan is interest only payments and doesn't have construction draws involved. Your monthly payment on an interest only loan will just be the interest. Your lender might give you terms based on your credit and your experience. The more experienced you are with deals under your belt, the better terms you'll get. Hard money terms can be all over the place.