I mentioned last time that one of my loans had lasted the full one year term. That is fairly unusual, not just for hard money loans in general, but particularly for this borrower. He typically fixes and flips properties in 6 months or less. It turns out that he decided to keep this particular property as a rental property. He must be making some good money off of it because he was paying us 12% on our loan, which is rather high. The loan was due at the end of August and he finally refinanced and has paid us off. My partner is looking for another loan to invest in.
Wednesday, September 19, 2012
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2 comments:
So you stayed in the Hard money loan for the full term? That must have been one heck of a rental rate!! Could you not refi out?
I was the hard money lender, not the borrower. But I agree..that must have been one heck of a rental rate.
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