Hard money loan

[Loc Nguyen]

Lets say i have found a property that im interested in what do i need to get together to get an approval for a Hard Money Loan.

Thx for future replies!

[Gregory Davis]

I work part time as an account exec for a hard money lender, and there are a couple things you need to know:
1. Hard money loans are very expensive (think 15% & 5 points)
2. They're usually short term, and always should be, so have an exit strategy for paying the loan off within 3-12 months.
3. They're low LTV (generally 60-65%)
I suggest you establish a relationship with one, as they tend to know the market and industry better than almost anyone else. They can immediately tell a good deal from a bad one, so they're good to bounce ideas off of.
Good luck!
Brian