Costs For Using A Hard Money Lender
Exactly what are the costs besides the interest rates?
Just as closing on a conventional mortgage costs 6% in New York City, how much are the typical closing costs for a HML?
Thanks.
It really depends on how much equity is in a property. Generally a investor wants 3-6 points just to do the loan. How long do you plan on keeping the HML
is the 3-6 points paid up front or can they wrap the total cost into the loan?
It depends on the lender. Points usually range 3-6. Try to find private money if at all possible.
of course appraisal cost, ($400) then there may be a draw fee.