Do private lenders/HML do 30 year loans?

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Do private lenders/HML do 30 year loans?

Larry K.
Investor and Architect · Ramsey, NJ · Member since 2010 · 305 posts · 84 votes

I know private and HML do short term loans to have permanent financing put in place by a bank after rental is renovated/stablilized.

Do private or HML also provide permanent financing such as a 30 year mortgage. If yes, what are the rates?

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Bryan L.
Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes
12y

I once loaned a friend $1500 and I expect that I will never see a penny of it back. So that's theoretically an infinite number of years I guess.

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  • Account Closed
    Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes
    12y
    Originally posted by @Jay Hinrichs:
    @K. Marie Poe you stated that the lender would not receive any points or interest if you paid off prior to 90 days that I have never heard of.

    The point of that story was that no one had heard of such a thing, including the lender who had it in his promotional materials for 30 years. To be fair my memory must have it wrong. It couldn't have been 90 days. 90 days would be long enough to do a rehab. I remember that I closed on the buy in early August 2006, went into contract on the re-sale a week or two later. I drove by that property exactly one time, before I made my purchase offer. Never got out of the car, never went in it. I signed my resale escrow docs and went off to the NV desert for 10 days, back when there was absolutely no cell service. When I got back in range, it was after Labor Day, and there was a message on my phone that they had closed the deal the previous Friday. So I might have had the loan money working less than 30 days. Regardless it was a $50K spread and I had no problem with the points and fees that I was planning on paying. Back then it was like 4 points and 18% plus a $750 loan fee. That lender made plenty o'money off of me on other deals, so he obviously felt obliged to honor his ridiculous guarantee.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    12y

    @Account Closed Ok we are on same page now.

    Like I said I just have never done a loan for free... I have done plenty were I lost a bunch of dough in the down turn though.. :(

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  • Pat Marco
    Real Estate Attorney · Manhattan, NY · Member since 2014 · 129 posts · 106 votes
    12y

    @Duncan Taylor

    "Yeah, the cost was my motivation to move here. But it is nowhere near $10K an hour without the cost of the plane. Crew, attendant and fuel averages closer to $3k - $3.5K an hour. My hanger cost here in GA is lower than I had in WA. But it is up near the lake house not here in the metro area.

    I'm happiest, cost wise, when a trip is at least mostly business related though."

    Wow I am impressed!

    It must be all a business write off for the guy living large in Duluth, GA... It must be quite a place (Duluth).. What a life you lead.

    You inspire us all Duncan Taylor. One day I hope to be like you when i grow up..

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  • Duncan Taylor
    Real Estate Investor · Member since 2013 · 866 posts · 487 votes
    12y
    Originally posted by @Pat Marco:
    @Duncan Taylor

    "Yeah, the cost was my motivation to move here. But it is nowhere near $10K an hour without the cost of the plane. Crew, attendant and fuel averages closer to $3k - $3.5K an hour. My hanger cost here in GA is lower than I had in WA. But it is up near the lake house not here in the metro area.

    I'm happiest, cost wise, when a trip is at least mostly business related though."

    Wow I am impressed!

    It must be all a business write off for the guy living large in Duluth, GA... It must be quite a place (Duluth).. What a life you lead.

    You inspire us all Duncan Taylor. One day I hope to be like you when i grow up..

    Pat, we have talked about this before. You need to PULL to open the door.

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