OfflineWhat I need: $100-150k
What I have: A mixed use property, worth about $300k, free and clear.
What you'll get: 7% on your money for the next 3 years.
Would love to have someone help us out! Let me know if you'd like to make some money!
__________________
Jonny Carlson
612.963.3445
"Looking to invest in properties in the Twin Cities"
#FLIP-Faith.Love.Integrity.Positivity.
Hi Jonny - why not just go to a bank and save some money? I have two commercial loans right now, one at 4% and one at 5.25%.
Why pay 7%? If it's free and clear, a 50% LTV loan should be fine. Are there more details to this?
- Tom
Does someone need to own a business in order to get a commercial loan for 50% LTV ?
I agree with TDS why not got to a bank and refinance with the commercial loan department. The savings will be very large.
A $150,000 loan at 7% will have an interest only payment of $875.
A $150,000 loan at 4.5% will have an interest only payment of $562.50.
That is a $300 a month savings.
Of course this all depends on your credit - which may be why you are currently asking for hard money. Am I correct?
In another note. You do not generally need a business to do a commercial loan. In fact many lenders doing commercial loans would prefer that you get the loan under your personal name.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
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Blessings & Favor,
Gena.
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I can do all things through Christ who strengthens me. Phil 4:13
Psalm 1:1-3
Of course this all depends on your credit - which may be why you are currently asking for hard money. Am I correct?
I think this is mostly the reason why an individual turns to a private lender for loan.
Might as well ask around your neighborhood for a trusted private lender. I am sure there are a lot of them there.
http://www.hardmoneyrater.com/