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Updated about 8 years ago on . Most recent reply

Account Closed's profile image
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Account Closed
  • from Cleveland, Ohio
  • Member since Oct 25, 2014
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Account Closed's profile image
Account Closed's profile image
Account Closed
  • from Cleveland, Ohio
  • Member since Oct 25, 2014
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Account Closed
  • Cleveland, OH
17
Votes |
79
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Private Lending & Conventional Mortgage Advice

What are the typical terms for a hard money lender?

Account Closed
  • Cleveland, OH
Posted

I've been thinking of possibly finding a hard money lender to do a fix and flip, but I don't want to get ripped off. What are normal terms of a hard money loan?

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Arpan Patel's profile image
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Arpan Patel
  • Investor
  • from Chicago, IL
  • Member since Apr 14, 2010
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Arpan Patel's profile image
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Arpan Patel
  • Investor
  • from Chicago, IL
  • Member since Apr 14, 2010
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Arpan Patel
  • Investor
  • Chicago, IL
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Arpan Patel
  • Investor
  • Chicago, IL
Replied

In our area they typically find different ways of getting to 10% for 6 months. Some do 18% and 1 point and other do 4 points and 12% but most all lead back to 10% for 6 months. Also term lengths are different so keep that in mind as well.

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