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Updated over 4 years ago on . Most recent reply

Devyn Caraballo's profile image
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Devyn Caraballo
  • from Passaic, NJ
  • Member since Oct 24, 2019
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Devyn Caraballo's profile image
Devyn Caraballo's profile image
Devyn Caraballo
  • from Passaic, NJ
  • Member since Oct 24, 2019
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Devyn Caraballo
  • Passaic, NJ
7
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48
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Private Lending & Conventional Mortgage Advice

Hard money lender question

Devyn Caraballo
  • Passaic, NJ
Posted

Hey BP fam! Hope all is well!

My question today is regarding hard money lenders. Essentially, how much should you prepare to bring to the table of your own money? I believe I've heard it would be a lot more than an FHA loan (3.5%) maybe around 20% or even 30% of the loan. Any other info you would like to share regarding going with hard money lenders for a newbie I am all open too!

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Julio Garcia's profile image
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Julio Garcia
  • Rental Property Investor
  • from Modesto/Stockton/Merced, CA
  • Member since Jan 22, 2020
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Julio Garcia
  • Rental Property Investor
  • from Modesto/Stockton/Merced, CA
  • Member since Jan 22, 2020
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Julio Garcia
  • Rental Property Investor
  • Modesto/Stockton/Merced, CA
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Julio Garcia
  • Rental Property Investor
  • Modesto/Stockton/Merced, CA
Replied

It really depends on the HML, some say 20% other wants you to have reserves.

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