Private Money

[Rob Gillespie]

I am very familiar with hard money, however It has been a while since I have used it. I am not looking for a loan, but I do wholesale a lot of properties, and my buyers sometimes need some coin. Back in the day it was 10 points and 18% 24 month balloon. What is the best rates and points that are flowing around today? Also, what are some of the more liberal lenders qualifications these days? Many of my buyers are Newbies and may have a hard time qualifying.
Thanks for your input!

[Will Barnard]

As carl just pointed out, there is a big difference between hard money and private money lenders. I have been pointing this very same thing out in two other threads recently as the terms have been consistantly and improperly intermingled.

Hard money lenders are licensed in the state(s) in which they lend providing them the legal ability to charge in excess of usury laws. (each state's usury varies).
With private money lenders, they are often Lawyers, Doctors, business professionals, SDIRA owners, etc. who are not licensed and are looking for safe alternatives to the stock market, bank CD's, bonds, etc.