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Typical Loan Types and loan programs. banks usually take 4-6 weeks to fund a loan, and require lots of documentation, and are based on credit score and income verification. Our private hard money loans typically take 5-10 days and are based on equity in the property, not your credit score.
The “hard” in hard money lending refers to the higher price which is charged to borrowers both in terms of interest rates (typically high single digits or low double .
Hard Money Loan-To-Value * General Guidelines. To calculate whether your property qualifies for a hard money loan, multiply the fair market value of the property by the maximum loan-to-value percentage for your property type and location shown in the chart above. For example, if your property is worth $250,000 and the maximum loan-to-value is 65%,
How to Classify Hard Costs in Construction. Usually, hard costs are easily quantifiable and can be determined with such certainty that usually they are detailed by an experienced estimator. In general, hard costs represent any part of the work or costs associated with the actual project and as a good rule of thumb, hard costs could be around 70% of your total construction cost.
fha home inspection checklist 2016 Simply put, closing costs are fees associated with the services that are required to close your home loan. Some fees include charges for appraisers, home inspectors. by loan program are as follows..
Hard Money Loan Term – fairviewlending.com – A typical hard money lender will provide a loan term of 3- 6 months. This short of a time period is a large risk/problem for many borrowers. This short of a time period is a large risk/problem for many borrowers.
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The average interest rates charged on hard money loans are between 11 and 18 percent of the total amount of the loan. This rate is more than twice the average rate on a conventional mortgage, which is can fall between 4 and 6 percent of the total loan amount.
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Typical terms to clarify: Rate – What is the interest rate? What is the term? Is there an option to extend and what is the cost? Most hard money.