9% interest only for 1yr and 1% for Origination fee

[Lisa Clouse]

Hello

I am looking at getting a few properties through a turnkey provider and the lender has quoted me (new invester) 9% for a year interest only position and 1% for the origination fee. Does that sound reasonable?

[Alex Olson]

@Lisa Clouse Is this a hard money loan (sounds like it)? Yes, it does sound reasonable but be ware of scams like refinance terms, prepayment fee, and other issues. I would have a bank lined up before going this route. Is your credit poor or why are you going this route?