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Updated about 11 years ago on . Most recent reply

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32
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16
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Edwin Del Aguila
  • Sugar Land , TX
16
Votes |
32
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Hard money loans

Edwin Del Aguila
  • Sugar Land , TX
Posted

I keep hearing that hard money loans are available and FREE (no up front costs), is this true? I have contacted about 5 HML lenders and havent heard anything from four of them and one that said he needed to talk to his people about the deal.

Maybe my deal just sucks?

Most Popular Reply

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22,059
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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
14,127
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22,059
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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
ModeratorReplied

Twelve points would be a LOT. Four would be more typical.

Its hard to say anything about what "most" HMLs do because practices vary a lot. Some may want an application fee. Many do have "underwriting fees" or other fees, but these come at closing. Points also come out at closing. So, if you borrow $100K you might actually get $94-95 from the loan.

Now, maybe when you say "free" you mean "no down payment". That's hard to find these days, especially if you don't have a track record, which it sounds like you don't. Even if you find a very flexible HML who will do no money down you will need a screaming deal. Tell us what you think your deal looks like.

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