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Updated over 7 years ago on . Most recent reply
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Short term private or hard-money lending rates/points
HI BP, I want to borrow some funds off of my Dad for a quick rehab but he's new to the lending game and I've never borrowed short term before so we're both curious as to what's the norm for this type of loan? I would borrow 30k for between 6mos and a year (the seasoning term before a refinance).
I know it's all negotiable, but we just want to know what's typical? Thanks
Most Popular Reply
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@Lance Luvaul since you are borrowing from your dad I would suggest you give him either what @Chris Mason suggested or 50% of the profits, whichever is higher. You want to keep your lender happy, especially if he is your dad.