Hard money loans/lenders in Las Vegas Nevada

[Brad Bellstedt]

Hey BP!

I'm running the numbers on a property and its been a while since I've asked around about hard money rates in Las Vegas so I'd like to pose the question to the community and see what kind of responses we can get. Also, I'm not 100% sure of the process so I've got a couple of follow up questions as well. 

For round number's sake, lets say I want to purchase a property for exactly $200,000. How many points should the borrower expect to pay? What interest rate can the borrow expect to incur?

Also, when buying a property with a conventional loan, the closing costs are about 2-3% of the purchase price. Is that generally the rule for private money loans as well? If not, what % of the purchase price would you say the typical closing costs would be for hard money loan? Last question in the series...When are the points paid? Is that something that is paid up front or rolled into the closing costs? 

[Sergio Vega]

Hit up lending home at lending home.com. They should be able to give you more detailed information basically expect to pay around three points and 12% APR. The points are due up front as well as the closing costs which are usually around 3%. With lending home the tryst is due monthly. So you will have monthly payments with that loan. As far as I know most Hardmoney lenders work this way. Do usually land up to 80% of the repair and purchase price. So expect to pay 20% down payment. I think I covered most of the terms they have a PDF sheet with full details and if you call them a sales rep will definitely answer any questions that you may have. If you have any more specific questions feel free to let me know I'm here to help. Also if you need me to help run numbers on the property I would be happy to assist.