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Updated about 11 years ago on . Most recent reply
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Hard money loans
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?
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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.