Hard money loan rates vary based on the lender you choose, the amount of your loan and the term of your loan.
So what does that mean to you?
Hard Money Loan Rates: Your Mileage WILL Vary
Hard money loans are typically short-term loans. The sooner you pay them off, the less you’ll end up paying in interest – just like most other types of loans.
What’s different about hard money loan rates is that they aren’t necessarily dependent on the same factors as traditional loans are. Rather than deciding whether you’re at-risk for nonpayment based on your credit history or other factors, lenders who deal with hard money (which is a type of asset-based loan) are usually more concerned with the security of a loan – and for that, they use the property you’re borrowing against.
Hard money loan rates in Atlanta will be different from those in the rest of Georgia, and they’ll vary between lenders. The best thing you can do is get in touch with a lender who can explain the process of how they determine rates. Sometimes hard money loan rates fluctuate, too.
How Do You Qualify for the Best Hard Money Loan Rates?
Your income and credit score may not be as important with this type of loan as it would be with traditional loans. The idea behind hard money loans is to keep the loan-to-value ratio low so that everyone comes out a winner; you won’t be in over your head and the lender will be reasonably sure that you’ll be able to cover your payments.
Remember that these are short-term loans. Even if the rates are higher than what you would pay at a traditional lender, hard money lenders are more likely to approve you for properties that need work and aren’t habitable as-is.
Atlanta Hard Money Loan Rates: Find Out Today
Call us at 404-814-1644 or get in touch with us online to find out what rates we’re able to offer you today. You can also fill out our online application – it only takes a few minutes, and we’ll be in touch shortly.