Hard money lenders?

[radi8]

I have an opportunity to purchase a single-family home, for investment purposes. I'd be paying approximately 50% of the market value.

I do not have 30+ days to wait for a mortgage lender, etc and am wondering about the wisdom of using a "hard money" lender.

 

I've never dealt with one before, and am not sure of "the routine" or what to expect. I'm guessing steep interest rate, points, and a very short term?

 

Would it be prudent to use one in order to snatch the home, then immediately refinance it with a more conventional lender?

Would you cash-out immediately when refinancing, or only refi enough to pay off the purchase loan?

 

Or, should I just throw a couple bucks at it and stall like crazy until a conventional lender funds it?

 

Any and all insight is appreciated! I'm pretty new to RE investing...only my 3rd house.

 

 

 

-Radi8

[willtygart]

I know quite a few that will fund it within 30 days......get a head start and order an appraisal on it tomorrow and pay for it yourself.......that is the only thing that will slow it down.....easy to get done within 30 days though.