Talk about loan sharks.Â
One lender wanted 5 points down and 17%, and a private lender wanted 2 points down, 15%. I did find one that would give me no point down and 13.49%, but that’s unconfirmed until tomorrow. I would happily take that loan.
But until I sign a contract, I have no financing. If you are reading this and have some ideas of where else I can get financing, please write and let me know!
I hate to say it, but those are typical of the rates you will find through hard money lenders. What you want to do is use hard money to get the property, then refinance using a conventional lender right away so you only have to pay 1 or 2 months of the private money’s high interest. Nothing you can do about the points though.