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Updated over 2 years ago on . Most recent reply
Hard money lender advise
Thoughts on this hard money lender deal...
Will finance 100% of the purchase price and construction.
6-12 month terms
No points or any other fees (origination etc)
20% apy
75% APV needed on deal
Thoughts on this deal for a hard money lender?
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#3 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Austin, TX
Quote from @Bryce Richards:
Thoughts on this hard money lender deal...
Will finance 100% of the purchase price and construction.
6-12 month terms
No points or any other fees (origination etc)
20% apy
75% APV needed on deal
Thoughts on this deal for a hard money lender?
20% interest is pretty excessive. I would run the numbers compared to a more traditional hard money loan (a couple of points and a little less leverage) to compare, you may be surprised that you might end up paying more even though there are no points