OfflineIf there is anyone that can help me with this I'd appreciate it.
Can someone advise the type of questions to ask a private lender/Hard money lender?
Or does anyone have a script to use?
I want to do this right and I am at a loss.
Thank you all for your help in advance.
Dawn
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I think you have to ask the basic questions that you have to ask any lenders. What is their criteria for getting a loan? How much interest rate do they charge? Do they charge any points? How much down payment is required?
Even though they may base the loan on the "deal", some of them still check your credit. I have used hard money lender for Fix N Flips and there was a lot of paperwork involved. You just have to ask each one. Sometimes their criteria is different.
I have one lender that will let me BORROW the down payment against another property that I own, but a second lender won't do this. One lender won't lend on anything under $50K, another will.
If you have a personal Private Money Lender, then it might all be negotiable. I have not found any of those yet.