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Anyone deal with any hard money lenders?
Posted on 4/27/17 at 2:36 pm
Posted on 4/27/17 at 2:36 pm
What type of "closing" process is involved in one of those deals? Anything official, or just depends on who it is lending the money? Anyone know what a typical interest rate is with one?
Posted on 4/27/17 at 7:01 pm to Htown Tiger
Many many factors will determine where you end up. Experienced flipping? How much capital do you have to put down? What about the cost of renovations? Good credit/bad credit? Business/personal? Sign a personal guarantee as well? 3-6 months cash reserves?
The closing process is relatively standard compared to normal home purchases/sales. The lender you end up with may have a few peculiar issues and hurdles to deal with, Appraisal Y/N? Professional Inspection Y/N? Detailed plans etc. etc. Some lenders are harder to deal with , others obviously easier. In the end however, it is all relatively the same.
Also, be warned, there are many great local and non-local options, I would certainly do your due diligence on any non-local options you select.
The closing process is relatively standard compared to normal home purchases/sales. The lender you end up with may have a few peculiar issues and hurdles to deal with, Appraisal Y/N? Professional Inspection Y/N? Detailed plans etc. etc. Some lenders are harder to deal with , others obviously easier. In the end however, it is all relatively the same.
Also, be warned, there are many great local and non-local options, I would certainly do your due diligence on any non-local options you select.
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