hard money is it a scam
If you visit our site you will find EVERYTHING YOU WANTED TO KNOW ABOUT HARD MONEY OR PRIVATE MONEY LOANS BUT WERE AFRAID TO ASK. Hard money is not a scam it is a useful tool when used for its purpose. Hard money is usually misunderstood. Many industry professionals know a small amount about it, and fallacies and misconceptions have a tendency to control the collective wisdom. What is Hard Money used for? Hard money is in general used as a bridge: A way to get from point A to point B. It is in general a short to medium term solution (1-6 years), and there is almost always an exit strategy going in. It is used in support of all types of real estate secured financing: Commercial retail, restaurants, hotels/motels, marinas, elder care facilities, industrial, agricultural, raw land, land development, construction, rehab, multi-family, single family homes, manufactured homes, and floating homes. The averages of interest rates are? Hard money rates in general range from 10 to 15%. The rate is determined by looking at a combination of factors: (a) LTV ratio, (b) strength of borrower, (c) condition/desirability of property, (d) actual cash-in or real equity contributed by borrower. What fees are usually involved? We generally charge a loan fee anywhere from 5-11% of the gross amount of the loan. Depending on the type of loans and the risk involved. We also charge a doc prep fee, a property inspection fee, and sometimes a collection account setup fee which is based on the size of the loan. These fees are usually reffered to as due dilligence fees, or research funds. There are no hidden junk fees and if for some reason the loans does not close the funds that are not used are refunded. Article continued on our site. HardMoney-List.net
No tags for this post.