Question about a hard money loan.

[Logan Larochelle]

I may be currently in the market for a hard money loan since the house I am looking at is cash only. I have a few question, how would you go about finding are hard money lender in the Orlando,fl area And what are good terms to have by a HML? Let me see if I understand how hard money works correct me if I’m wrong or if I’m missing anything, let’s keep the numbers some.. On 100,000 loan I basically pay 1% interest ($1,000) the loan is for 6 months (until I refinance) so that would be $6000 then i refi and pay the loan in full, what else am I paying in a hard money loan? I know they usually cover around 75% if the appraised value, but what about repairs?

[Jon Holdman]

Hard money is not cash.  Even with hard money you still need to write your offer as financed, not cash.