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Fees on hard money loan

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Kruger Guest	Posted: Wed Jul 27, 2011 1:26 am    Post subject: Fees on hard money loan Like 0 Dislike 0 My credit is not up to the mark and thus I will have to go for a hard money loan. I wanted to know what fees a mortgage broker can charge on such a hard money loan. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Wed Jul 27, 2011 1:38 am    Post subject: Like 0 Dislike 0 Well… hard money loans are made by private investors who are not bound to follow the standards of state or federal minimums for fees. So, the fees that they can charge will be 4-8 points higher depending on the deal compared to a normal conventional loan. Unless you feel that the loan is too necessary for you, its better to not go for it. Moreover, the loan will probably be for a short term period. _________________ Good is the Enemy of Great.
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Wed Jul 27, 2011 10:41 am    Post subject: Like 0 Dislike 0 Hi Krueger, there are many options in the private financing market. There are lenders who charge an arm and a leg and there are lenders who offer very competitive rates and fees as your conventional lender would. If you would like, give me your state and scenario and I can point you in the right direction. Thanks _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed Jul 27, 2011 10:52 am    Post subject: Like 0 Dislike 0 Chris, that's a valuable service you can render if you've got those kinds of contacts. There are so many folk out there these days who need hard money lenders to step in because of their inability to qualify for conventional, government, etc. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Wed Jul 27, 2011 11:00 am    Post subject: Like 0 Dislike 0 There is a great person for SFR's in California only, and does some private financing for 5+ apartment units nationwide. Others offer more traditional hard money, but not too expensive. If anyone needs info, please let me know. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Fri Jul 29, 2011 1:35 am    Post subject: hi Kruger! Like 0 Dislike 0 There are other option aside from going for a hard money. But if you insist for a hard money, the fees that you have to pay depends on what country you are in. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Jul 29, 2011 11:24 am    Post subject: Like 0 Dislike 0 Gosh golly gee whiz; other than that I'm speechless on the finality of the topic. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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