- Joined
- Sep 14, 2016
- Messages
- 42
Due to a recent bank error which saw my credit take a dip - I am possibly being forced into looking for private money to fund my latest deal. I have never been down this road before, so had a few questions for the experts out there.
First - is a 3% fee/8.5% interest generally the going rate on a deal these days? I am assuming that this number could vary widely depending on the deal and the applicant - but just curious if this sounds low, average or high for financing for a standard full duplex (600k).
Second, is it normal that the lender would want to tag 3-4 of my existing properties to cover themselves if something goes south?
That's all I can think of for now so I appreciate your comments or PM's
Thanks
First - is a 3% fee/8.5% interest generally the going rate on a deal these days? I am assuming that this number could vary widely depending on the deal and the applicant - but just curious if this sounds low, average or high for financing for a standard full duplex (600k).
Second, is it normal that the lender would want to tag 3-4 of my existing properties to cover themselves if something goes south?
That's all I can think of for now so I appreciate your comments or PM's
Thanks