800.883.8290How much is the extension fee for a hard money loan?
The extension fee for a hard money loan varies by lender but typically ranges from 1% to 3% of the loan amount depending on how long of an extension period. Some lenders charge a flat ...
Do hard money loans require an appraisal?
Most hard money lenders in Delaware that use private capital don't require a standard appraisal. However, they may use a broker price opinion (BPO), an internal valuation, or a comparative market analysis instead of a ...
What is the interest rate for hard money loans?
A good interest rate for a hard money loan typically falls between 10% and 16%, though rates can vary based on the lender, loan-to-value (LTV) ratio, borrower experience and credit score. Points (upfront fees) usually ...
How many years is a hard money loan?
Hard money loans typically have short repayment terms, usually ranging from 6 months to 3 years. However, most lenders try to structure their loans up to 1 year, depending on the borrower's needs and the ...
Do you make monthly payments on hard money loans?
Most hard money loans require monthly payments in Delaware which are usually just interest-only payments during the term of the loan and then a balloon payment at the end of the term. Here are some ...
What is a typical hard money loan rate?
Interest rates for hard money loans typically fall between 10% and 16%, though rates can vary based on the lender, loan-to-value (LTV) ratio, borrower experience and credit score. Points (upfront fees) usually range from 2% ...
How much down do you need for a hard money loan?
Hard money lenders require a down payment, typically ranging from 10% to 30% of the property's purchase price. The exact amount depends on factors like how good the overall project is, lender’s risk tolerance, credit ...
Who is considered a hard money lender?
A hard money lender is a private individual or company that provides short-term loans that are asset-based secured by real estate (investment house or commercial building). Unlike traditional lenders, hard money lenders focus on the ...
How hard is it to get a hard money loan?
Getting a hard money loan is pretty easy and much quicker then a traditional bank or lender. Approvals typically happen within 24 hours, and settlements can occur in less than a week. Many loans ...
What credit score is needed for a hard money loan?
Hard money lenders tyically don’t have minimum credit score requirements because they do not focus as heavly on a credit score like a bank would. Yes, many hard money lenders pull credit, but it is ...
