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RCN Capital is a nationwide, private direct lender. Established in 2010, we provide short-term fix & flip financing and long-term rental financing for real estate investors. Our loans, often called hard money loans, range from $50k to $2.5M and can be used for the purchase or refinance of non-owner occupied residential & commercial properties.
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Our proof of funds letters will always stipulate that the deal needs to meet our lending criteria. What the proof of funds letter tells the seller is that DHM does indeed have money available to lend should the property qualify and the borrower is able to complete all of the other steps that would be necessary for closing to take place.
Due to this higher risk involved on a hard money loan, the interest rates for a hard money loan will be higher than conventional loans. 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.
Typical hard money loans have terms between 1 – 3 years, although it’s not uncommon to see a hard money loan with a 3 – 6 month payback period. Potential for Higher Costs – Private lenders typically charge interest rates between 7% – 12% or more, which is more than the 4% – 6% found with conventional mortgages.
Some applicants have little or no credit history. Some of the investments hard money lenders provide loans for are high risk as well. For example, hard money lenders often provide financing for real.
Example A: In this example a real estate firm wants to purchase an office building for $5,000,000.The firm needs a new hard money loan for $3,250,000, which is 65% of the property’s quick sale value. This leaves a balance of $1,750,000 to be financed.The firm must put $1,000,000 of its own cash or equity into the purchase (20% minimum borrower investment is required).
What are hard money loans and why do they exist? What are. Instead of working with mortgage lenders, for example, you would borrow from.
Hard money provides financing for real estate investors who may have trouble getting a loan otherwise. Here are the pros and cons.