Hard Money loan to start out

[Michael Morin]

So I’m shopping around for a Hard Money loan. I found a lender that’s willing to work with me. The terms are 30% down, 16% interest for 12 months then balloon at the end of 12 months. No points upfront. How does this sound. This will be my first Investment property. Anyone have similar terms? How did it turn out?

[Marty Johnston]

@Michael Morin is this Monroe Capital by chance? They offer a very similar program at 16%, no points. There could me much more affordable options out there depending on the property type, loan amount etc. You can probably obtain terms from other HMLs between 9-11% and 2 pts - this comes to about 11-13% over 12 months vs 16%. Depends on how quickly you can exit the deal to determine best options! 

Can you tell us more about the deal