Interest rates for hard money loans range from 10 – 15% depending on the specific lender and the perceived risk of the loan. Points can range anywhere from 2 – 4% of the total amount loaned. The interest rates and points may vary greatly depending on the loan to value ratio.
The first thing you will notice when you finance with hard money lenders is they charge a very high-interest rate. Most hard money-lenders are charging 10 to 16 percent and points for their money. Points are a percentage of the total loan and can add costs quickly when a hard money-lender is charging 2, 3 or even 4 points on a loan.
The interest charge on hard money loans is higher since lenders are taking greater risks and the terms are short-normally 12 months or less. Higher rates than even subprime loans are typical, ranging from 12-21%. If a default occurs, the rate generally increases to around 25% to 29%. Additionally, there may sometimes be a prepayment penalty.
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Because it works. Hard money lenders can often fund deals quickly, and they can fund deals that traditional lenders would never approve. But, there’s a catch. It’s extremely expensive! Most hard money lenders charge 16-18% interest and thousands in up-front fees.
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