typical hard money loan terms

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A hard money loan, bridge loan or private loan can vary from state to state. Namely, loan terms such as the lending rate, loan to value ratio and the min/max loan amount depend on conditions in the lending state.

Loan Term The minimum balloon term allowed for a covered consumer finance loan on a consumer primary/second home must be a minimum 5 years, though most consumer hard money loans today have 7-year balloon terms with 30-year repayment (amortization) schedules.

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Hard money lenders can vary. If it is a high demand area compared to a low demand rural area the interest rates will be at least 2-5% difference. Just make sure you read all of the terms as they can be quite different then conventional finance.

Let’s talk about how a typical hard money loan works in a house flipping deal. The first thing to understand is that there really is no typical hard money loan and every hard money lender looks at things a little different. They each have their own underwriting criteria, borrower requirements, and loan structures.

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