Rental Property Investor · National Harbor, MD · Member since 2020 · 23 posts · 8 votes
Lately, I have been trying to find ways to purchase my 1st turn-key or BRRR without my any of my money. Ive researched some companies but what the ideal rate?
This is difficult as most hard money lenders will require you to bring some portion of the acquisition and will finance the rehab on a reimbursement basis.
Market interest rates for hard money bridge loans tend to be around the high single digits to low double digits, somewhere around 8-13%.
In regards to your subject line, here are some topics you might want to cover with your lender;
1. Loan amount 2. LTC/LTV restrictions 3. Interest rate 4. Points 5. Other fees 6. Term length 7. Total cost of capital (a calculation based on items 3-6) 8. Is interest charged on the full loan amount or just funded amounts? 9. Lender reputation 10. Time to fund