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Updated over 7 years ago on . Most recent reply

User Stats

44
Posts
7
Votes
Lance Luvaul
  • Rental Property Investor
  • Melbourne, Victoria
7
Votes |
44
Posts

Short term private or hard-money lending rates/points

Lance Luvaul
  • Rental Property Investor
  • Melbourne, Victoria
Posted

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

User Stats

199
Posts
55
Votes
Julian Buick
  • Bluffton SC
55
Votes |
199
Posts
Julian Buick
  • Bluffton SC
Replied

@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. 

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