OfflineDoes anyone know of one or more HML's that are quality lenders that provide hard money in GA? Also, how do you know when you have a legitimate HML?
What points should I expect to pay?
Interest rate?
Etc?
Thanks in Advance,
Steven B.
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One thing to keep in mind with hard money lenders is they are not regulated by the government like banks so they basically get to "write their own rules"
A few good resources you can look to find Hard Money Lenders are the following websites.
www.dohardmoney.com
www.moolahlist.com
These are HML directories that show local and national lenders to work with.
On average you should be paying around 12% to 18% interest and anywhere from 6 to 10 points (or percentage) up-front.
Just like anything that you purchase, do your homework and "shop around". Lenders are not all the same and you will find that you can get better deals by doing your research.
Happy Investing!
In addition to the post that I put down earlier, you can also go to the following website as a great option for short term lending.
www.insiderscash.com
They offer money to do double closings as well as short term lending up to 2 years. Its a great resource for you to use if you are looking to wholesale a deal through a double closing, or if you want to buy, fix and sell a property as well. Check this website out. Great resource for investors at all levels.
Happy Investing!