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Updated about 1 year ago on . Most recent reply
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Looking To Educate Borrowers On Hard Money
If anyone might have any questions in regards to a hard money loan, This is is the forum to ask. The more you know about how hard money works, the easier it will be the make the right investment.
- Steven Lee
- [email protected]
- 8003697009
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What state, Isaiah?
So if you have good credit, and the asset is good and the deal is good then 90%/100% isn't out of the questions.
So let's say 97k purchase, 60k rehab, ARV 220k.
If you get 90%/100%
Loan amount 147,300 (87,300 + 60,000)
Your down payment: 9,700
Origination Fee: 2% - 2,946
Service fee: This includes a legal fee, underwriting fee, processing fee, etc: 1,500
Title Costs: 1,000
Insurance costs: 500 - 600
Interest Rate: 11.5% - 12%
Payments: 1,000 - 1,400 per month.
You'll have to turn the utilities on at the house: 300 - 500
You get the work done as quick, efficient, and as good as possible and then list for sale or get a renter in there with a lease and start the refi process.