Looking at possible purchase and need hard money loan info

[Sonya Hopson]

Hi,

I have found what I think may be a great deal and the homeowner wants cash asap.  I haven't mortgaged anything in over 30 years but remember it taking awhile.  How does the hard money lending work? i know its a higher interest rate but will I be able to make payments or does it come due as a lump sum? ( I need $30,000 and was going to rent out the property until it sold, so would be afraid to agree to a lump sum within a specific time.)  I have good credit, just unsure about borrowing from a mortgage company and receiving cash and in a timely manner.

Thanks in advance for any help/suggestions  

[Jay Hinrichs]

Quote from @Chris Seveney:

Quote from @Sonya Hopson:

Hi,

I have found what I think may be a great deal and the homeowner wants cash asap.  I haven't mortgaged anything in over 30 years but remember it taking awhile.  How does the hard money lending work? i know its a higher interest rate but will I be able to make payments or does it come due as a lump sum? ( I need $30,000 and was going to rent out the property until it sold, so would be afraid to agree to a lump sum within a specific time.)  I have good credit, just unsure about borrowing from a mortgage company and receiving cash and in a timely manner.

Thanks in advance for any help/suggestions  

 private lenders can typically fund in 1-2 weeks depending on how long it takes to get title. Most can charge interest only if its over a short period of time like it sounds like your deal is. What are the specifics to the deal including:

acquisition price

down payment

amount needed

property value

length of loan

plus very few do small balance loans.. this is best to use CC or those on line lending platforms for unsecured money cobble it together that way.