Foreclosure in 91730>Question Details

Solomon Niazi, Real Estate Pro in San Bernardino, CA

How to get hard money loan under 10% with 250,000 down payment $175,000 Loan amount?

Asked by Solomon Niazi, San Bernardino, CA Tue Oct 27, 2009

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Even private money lenders could go as low as 8.5% with under LTVs of 50%. Try Lending Home Funding Corp.

1-855 408-7694
2 votes Thank Flag Link Wed Jun 11, 2014
A down payment of that size would make for a very safe loan from the hard money lender's perspective. You should be able to secure an interest rate of 10% or less.
1 vote Thank Flag Link Thu Jul 9, 2015
I'm doing some research for you and will contact you tomorrow. I have some ideas but haven't worked with these in awhile. Feel free to call me at 951-966-1417. Closing costs should be around 10-15%. My lender can close in 5 days. If you would like to speak with Kelly directly, she lives in Rancho. Her number is 909-647-7034
1 vote Thank Flag Link Tue Nov 3, 2009
I'll answer the question you asked, and then I'll address the underlying need.

First, you'll most likely not get a hard money loan for an interest rate under 10%. I work with them from time to time, and I have yet to encounter one willing to lend at a rate less than 12%. Please let me know if you know of one that lends at 10%; I'll pounce like a lion on that delicious antelope. FYI, please also keep in mind that most hard money lenders only lend on NOO properties, and many of them prefer to lend to businesses.

Second, I can think of several other ways to re-structure that transaction, but I'd need some more details. You haven't mentioned whether this is an income property. I'm working with an agent in TX who has 2 buyers (for different properties) who want to buy a new home. Both of their requests for conventional financing were rejected, because they're both self-employed, and unfortunately it didn't matter to the local lenders that both buyers had been in business well over 10 years. Please feel free to contact me for more details.
1 vote Thank Flag Link Mon Nov 2, 2009
If you need additional information, please feel free to email me privately at I would be happy to help you with your hard money loan situation.
0 votes Thank Flag Link Fri Feb 1, 2013
Hard money loans are a bad idea period. it doesn't matter if it's under 10%, of course it's lower since interest is low right now and has been. Are you prepared for the balloon payment in cash? Or are you certain you can refi and cash the hard money loan off without any problems. If you can't get conventional financing or FHA or other common housing loans then perhaps that should say not to take a loan
0 votes Thank Flag Link Tue Mar 23, 2010
We might be able to help, it all depends where your property is located and the value. Call Boris at 818-384-9072.
0 votes Thank Flag Link Tue Mar 23, 2010
If the transaction is on a non owner occupid property
10 points
interest only
up to 24 months
0 votes Thank Flag Link Sun Jan 31, 2010
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