Lender Changes Terms Last Minute Again
I have a property under contract that I am looking for hard money lending. I tried a new lender this time because they offered 0 payments for six months, 13% interest, and 2-4 pts.
My credit scores are 702-706-711.
Amount to borrow 435K.
ARV 650-700K.
Supposed to close 9/2, but the lender just told me today that the points will be 10. So, he wanted me to reduce the repairs funded by 60K, or bring that to closing. Good God.
At this rate I can not rehab higher end houses.
Any suggestions out there from anyone?
Did you call the lender and find out what the hell there is such a change for?
Yes I did. There answer was just: With a loan of this size it is customary to charge ten points.
I told him bull cookies, and lose my number.
I have black listed him and a few others.