Hard Money - is it possible to find 0 points and 10-12% interest?

[Larissa Pacifico]

I’m new in RE in US, just bought my first properties, looking for Hard Money partners, I had offers of 1point + 12%, Im in NY. Properties are great, I have experience, money for 20% down payment and rehab, money in the bank and 740 credit score. Is that possible to find 0 points? Even with higher interest rates? Any recommendations is very well appreciated. Thank you all.

[Jay Hinrichs]

Originally posted by @Scott D Burrows:

@Larissa Pacifico

Not sure of a lender that does what you are asking. However, do not pay more than 8% with that kind of credit score. 

I believe that RCD Capital could help you here. Much better rates than what you mentioned and I have worked with them before and they're fair. 

Another question: What are you trying to do? Flip? Fix and hold? 

Good Luck,

Scott 

inexperienced flipper getting 8% I need to check that out.. lowest I have seen is about 9 and 1.. going to look that up..  

low or no point lenders will have a bunch of junk fees normally.. you simply cant be in business in the lending game if you cant bring in 4 to 5k a file in either origination or junk fees.  you have to eat and pay staff.. 

I popped on their site.. did not see any 8% 75% ltv 100% rehab was 10 to 12 like everyone else. I suspect you could do a no brainer super low LTV no rehab and get that low.. I have seen Conventus do 7% but your going to pay like I said 3 to 5k to get that rate minimum