Hard money loans what is the cost upfront

[Creig Griffin]

Are there any upfront cost associated with hard money loans? Are cash reserves required before you can get funded for a hard money loan?

[Michele B.]

I work with hard money. IF they charge you a fee upfront that is wrong wrong wrong. MY company does a due diligence fee that is taken off the closing costs. Our average interest rates are between 5-9% with a closing at 2.5-5 points, most LTV fall between 65-85%. We also do equity loans that are 100%. I can do a special military loan right now at 100%, 4% interest so things are different with everyone. Fees are bad, due diligence coming off closing costs are not bad at all.

I hope i explained this correctly and answered the question. If I am unclear please @Micheleb me here and I will respond again.