Anyone who answers this question immediately is not to be trusted:

“Here’s the property address, what rates am I looking at?”

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Big accusation, but real.

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In my first year brokering, after closing 40+ loans, this question came up so often I wondered if I was bad at my job for *not* answering it on the spot.

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Here’s what’s actually happening behind the scenes.

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Unless you’re working with a true private money lender, almost every institution has a **range** of rates and terms, not a single magic number.

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Roughly:

- Hard money lenders: ~9–12%

- DSCR lenders: ~6–8%

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Where you land in that range depends on things like:

- Your credit score

- Purchase price / loan amount

- LTV

- Experience as a borrower

- Property type and condition

- DSCR / rent vs payment

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So when a broker gives you a rate quote based only on an address, that’s a red flag. ⛳

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They don’t know your credit.

They don’t know your structure.

They haven’t underwritten the deal.

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They’re not giving you a quote. They’re dangling a carrot.

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If you want to save yourself a lot of headache, try this instead:

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Instead of asking,

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“Here’s the address, what’s my rate?”

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Ask,

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“What do you need to know to give me a realistic rate range?”

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A good broker will ask questions first:

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- Credit band

- Purchase / payoff amount

- Rehab or no rehab

- Rent or projected rent

- Experience

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The more real info you give *upfront*, the closer your initial quote will be to what you actually see at the closing table.