Hand Money in Indianapolis Area???
4 Replies
Mike Perron
Residential Real Estate Broker from Indianapolis, Indiana
posted about 12 years ago
I have some clients who are actively looking for someone who does hard money loans in the Indianapolis / Central Indiana area. Anyone have any contacts?
Thanks,
Mike
Stacy Dieckman
Real Estate Broker from Indianapolis, Indiana
replied about 12 years ago
Mike,
Give me a call or e-mail, I might be able to help.
Stacy
Account Closed
replied about 12 years agoStacy, would you please (generally) outline your hard money terms here?
Stacy Dieckman
Real Estate Broker from Indianapolis, Indiana
replied about 12 years ago
Caitlyn,
I am just passing along other hard money lender's info.
In general terms they are looking for a strong exit strategy, 6 points and 18-24% rate. If the deal makes sense, rehab and payments may be included. The term of the loan varies but most of these hard money lenders are being paid back in less than 4 months.
I use the money when I have a property already sold and am just filling an order. There is enough room in deals here in Indianapolis, IN that it makes sense.
If you are loaning at better rates/terms please let me know and I can line up a few investors. Mostly commercial but some residential rehabbers.
Thanks, Stacy
Jim Doine
Real Estate Investor from Myrtle creek , Oregon
replied about 12 years ago
Stacy, these are the highest Hard money rates I've seen, just curious, I thought there were some regulations on how much could be charged. Jim