{ "media_type": "text", "post_content": "Hard money loan for a buy, rehab rent project:\n168k principal, 8% interest, 2.9% loan cost (4.8k) and 4 points (6.7k)\nThe upfront cost seems a bit excessive to me or is this normal today?", "post_id": "5f73f481b179440028d72314", "reply_count": 11, "vote_count": 2, "bowl_id": "5a5242b78e26290018502ca0", "bowl_name": "The Real Estate Bowl" }

Hard money loan for a buy, rehab rent project: 168k principal, 8% interest, 2.9% loan cost (4.8k) and 4 points (6.7k) The upfront cost seems a bit excessive to me or is this normal today?

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This is hard money, you’re going to pay out the ass. They trade off would be zero or minimal amount down. What are you putting down?

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4 points? Wow! Why is that necessary?

If you are repaying in three months you should pay zero points. I just refinanced my primary and rental with no points. Even my lender said that points are not necessary and it’s the lender profiting off you.

Why not get an actual loan

Also probably would not be possible due to the mold in the unit....

This is BRRRR, right? Maybe check out Bigger pockets website for articles, webinars, posts. Didn't sound like enough people here are familiar. But henderson, yes you should expect the costs to be really high. And even higher if it's your first time and you have no relationship history with the lender

Yes, 4 PTs is high and 4.8k seems high. Where are you at? Might have some recommendations.

Yeah - DM me if you want a referral. Either way fees are going to be high but that feels excessive.

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