Hard Money Lenders - What Should They Be Charging?
I am new to investing. I am looking to buy property in the Baltimore/Washington Metro Area. Typically, what interest rates and fees are hard money lenders in this area or other charging?
It varies widely upon dealt type the lender ect.
I have seen points go from 2 to 10.
I have seen interest rates from 8 to 20.
I know one investor who went to one in your area they quoted her 6 points and 18% interest.
I know of others that lend in your area for less. But they all have requirments for the kind of deals that they will do.