How a Hard Money Loan Works
· A hard money loan is used to fund the acquisition and rehab of investment properties.
· They can be obtained quicker than traditional mortgages and the qualifications are more flexible.
Hard Money Loan Timeline
· The specific hard money loan timeline is typical:
· Pre-qualification: Less than 24 hours
· Time to funding: 7 – 15 days
Hard Money Loan Rates and Fees
· Typical hard money loan rates and fees are:
· Interest rates: 9.75 – 14.5%
· Lender fees: 2.5 – 5.0%