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Hard money loan terms vary between a few months and a few years. Most hard money loan terms are around 12 months, though they can be shortened or extended depending on the scenario.
The loan amount the hard money lender is able to lend is determined by the ratio of loan amount divided by the value of the property. This is known as the loan to value (LTV). Many hard money lenders will only lend up to 65% of the current value of the property. [3] There is no such thing as 100% LTV for this type of transactions.
The hard money lender approves a loan in the amount of $170,000 — well within the typical loan limit of 70% of after-repair value. The loan term is 12 months, and the lender charges a 15% fixed ...
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Commercial lenders include commercial banks, mutual companies, private lending institutions, hard money lenders and other financial groups. These lenders typically have widely varying standards on which they base their loan criteria and evaluate potential borrowers—but are often focused exclusively on the private market and have more lenient financial qualifications than banks.
The hard money lender will also charge points of 3% to 6% or more. [1] These points are often paid up front, but a few lenders may roll these into the loan. Hard money loans are high-interest mortgages available from private investors. Desperate borrowers with poor credit scores, bankruptcies, no verifiable income, or too much debt often take ...
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