Risk is the basis for interest charged, however some lenders just peg a rate at what they think they can get, that's a money store approach and they generally mark up the price for money, most hard money lenders are in this category lending with limited underwriting factors.Also understand that an investor who approaches an individual who is not a real lender, takes on the liability of presenting the lending opportunity, much like if you were selling a bond.

Originally posted by @Mark Nolan:@Gurwinder SinghWelcome to Bigger Pockets.

Jeff,You can try contacting Mark Faulkenberry. 

Also, depending on the tax bracket and age of the seller it might be worth exploring the option of the 400,000 being paid  as a consultant days during certain revenue benchmarks  or occupancy benchmarks bench marks being met.

Mark

For example, most 1-bed apartments (and not even the nice stuff) in Class A and Class B areas of Boston are around the $1900 per month mark.

Originally posted by @Mark Keller:Happy New Year to you as well, Mike!

My concern is  if i have to evict someone for non payment  if they are on a month to month then i would  have to go thru with a court eviction because they have hit that 30 day mark.

@Mark Creason I believe that was my problem i gave them information that i didnt need to give. lesson learned the next lender i go to i will not disclose future intentions.

Thanks, Mark