Any Private Money Lenders online who fund flips or rehabs? I have some general questions...

  • October 09 2013 - Orlovista
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Answers (1)

You need to seek out a hard money lender.  Most mortgage brokers have resources they refer to . 

Hard money is not for the faint of heart.  I work with a hard money lender in PA.  Most will loan 65% of current market value.  If you need to borrow the money to re-hab the property as well it has to appraise at 65% of projected value after the work is done.  The interest rate is in the neighborhood of 16%.

At closing you sign a document and waive your rights to foreclosure proceedings.  In other words, miss a payment and they can go directly to the court house and file a deed and you have lost the house.

Some years ago I spoke with a hard money lender in FL and the terms were just about identical as PA.
  • October 12 2013
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