![]() ![]() Private lenders have liquid money to spare and are willing to lend you at a predetermined interest rate. However, they just do not have the expertise and time, or would rather be on the golf course or beach than swinging mallets. Private money lenders are individuals who have the funds and would like to invest in real estate. If you have all the technical skills and experience to flip houses, but not the funds, then this option is best for you. ![]() When evaluating various hard money lenders, you should pay close attention to interest rates, fees and loan terms. You should also keep in mind that a majority of hard money lenders will typically only loan you a certain percentage of the purchase price - usually around 70%. Note that the interest rates may range from 8-15%, and the points range from one to five. However, the fees and rates are often higher with hard money loans. Unlike conventional bank loans, your ability to get hard money financing is not determined by your creditworthiness. They are also ideal for owner-occupants with substantial equity in their homes and a great credit score.Īnother great thing is that you can finance all the property repairs with some hard money lenders. A hard money loan is one of the best options for individuals who are experienced investors and have one or multiple existing properties. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |