Neighbor News
"So Many Investors Couldn't Get Out of their Hard Money Loans"
There are many reasons that these investors are still in their mortgages.
It has taken me a while, but I am in the process of getting two clients out of their 12%,13% and 14% hard money mortgages. There are many reasons that these investors are still in their mortgages.
1) Couldn’t sell the property when the renovations were done.
2) The rental income makes them a profit in spite of the high interest rates.
Find out what's happening in Manchesterfor free with the latest updates from Patch.
3) Over improved the property for the current value.
These two investors don’t want to sell the properties as the cash flow makes them money, but if they were paying a lower interest rate, they would make more money.
Find out what's happening in Manchesterfor free with the latest updates from Patch.
In both cases, the new mortgage would cover multiple properties and the new mortgage would blanket all the properties. One of the loans is 28 properties, the other is eight properties. In both cases, the rate is fixed for 10 years and the rate is about 6%. The savings will be huge.
I can do this loan anywhere in the US, if you know someone that might need such a loan product. Keep in mind that the smallest loan size that I can do is $500,000.
image courtesy of stuart miles/freedigitalphotos.net
