Indianapolis Cash Purchase Looking for Lender on $50k Renovation

[Deuce Thevenow]

Hey Everyone,

I have my first property under contract for a 2/1 in Indianapolis that I was able to get before it went on the MLS. I am planning to purchase for cash but I have the option to purchase using a hard money loan but the loan costs are really high. I'm trying to find a lender that would lend ~$50k for the renovations.

Any help would be much appreciated.

[Greg Scott]

Congrats on your purchase.

If you bought it at a good price, hard money lenders will often lend you most or all of the rehab plus purchase.  Keep your cash for emergencies.

What do you consider "high"? When I used HML frequently, I was paying 12-14% interest plus 2 points at closing. I understand you can get HML for 8% or lower now. Since you should only be in a HML for one month, two max, the total cost usually isn't that much and the benefit of keeping your cash in hand far outweighs that.