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Short Term Hard Money Lenders

This type of lender is used when you are acquiring a property for resale and you do not currently have a buyer but know you know that the property is going to be marketed and sold quickly. The short term private hard money lender will loan you money generally for period of 3 to 6 months, sometimes with an extension, and sometimes as long as 6 months to a year. You will pay a higher percentage on interest for the longer the term and you will also pay up-front points at the closing (which you do not pay out of pocket, but are added to the loan).

The advantage of having a short term private hard money lender is that this type of loan gives you more time to complete your marketing and sale of the property. During that time, your short term private hard money lender may require interest-only payments or no-payments at all, with all interest collected at the final closing. Many of these lenders also loan up to 100% of the purchase, subject to their Loan-to-Value conditions, generally 55% to 70%. You can expect paying points at closing of your loan, deducted from your loan proceeds. Also expect, minor fees including appraisal, closing costs, including title insurance, document filing, etc.

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