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Updated almost 6 years ago on . Most recent reply

Jacob D Cockerell's profile image
Jacob D Cockerell's profile image
Jacob D Cockerell
  • Appraiser
  • from Leitchfield, Ky
  • Member since Sep 24, 2018
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Jacob D Cockerell's profile image
Jacob D Cockerell's profile image
Jacob D Cockerell
  • Appraiser
  • from Leitchfield, Ky
  • Member since Sep 24, 2018
Connect
Jacob D Cockerell
  • Appraiser
  • Leitchfield, Ky
42
Votes |
54
Posts
Private Lending & Conventional Mortgage Advice

hard money lending inquiry

Jacob D Cockerell
  • Appraiser
  • Leitchfield, Ky
Posted

considering using a hard money lender for my first flip. any advice on what are good terms to look for? bad terms to watch out for? 

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Tim Johnson's profile image
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Tim Johnson
  • Lender
  • from Grand Rapids, MI
  • Member since Jun 29, 2018
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Tim Johnson's profile image
Tim Johnson's profile image
Tim Johnson
  • Lender
  • from Grand Rapids, MI
  • Member since Jun 29, 2018
Connect
Tim Johnson
  • Lender
  • Grand Rapids, MI
445
Votes |
703
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Tim Johnson
  • Lender
  • Grand Rapids, MI
Replied

Don't pay any up front fees, no money out of pocket till closing.  Some good ones charge for an appraisal, but don't pay more than $600 for a Single family

Terms are between 10% and 15% plus 2-5 points.

Happy shopping

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