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Updated over 5 years ago on . Most recent reply

User Stats

42
Posts
7
Votes
Rolando Caceres
  • Miami, FL
7
Votes |
42
Posts

Is this common for hard money lenders?

Rolando Caceres
  • Miami, FL
Posted

So i have some one who i know is legitimate and just told me what he can offer me.

His offer is i pay 10% of property and he pays the other 90% with 9%-9.5% interest. And he also pays 100% of the rehab.

Im just wondering is this common or did i just get this lucky? I dont have the savings to use it yet but id like to know your thoughts on how good wod this offer be using the brrrr method or is this better for flipping?

Most Popular Reply

User Stats

274
Posts
177
Votes
Bruce C.
  • Seabrook/Galveston
177
Votes |
274
Posts
Bruce C.
  • Seabrook/Galveston
Replied

Jet Lending here in Houston did 70% of ARV for me last year on my first brrrr(and only second rental). House was 85k, repair estimate 10k, ARV estimate 140k. 3 points, 11.9% interest, and a few fees (1100ish). I think i paid a few hundred at closing. House appraised at 170k and I got a check after my ReFi!

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