Hard Money Loans in Redford, MI
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Hard Money Loans in Redford
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Get listed hereWhat hard money loans usually includes
- Review of purchase contract, scope of work and rehab budget
- After-repair value estimate or appraisal
- Written term sheet showing points, term and extension options
- Draw schedule with inspection process
- Title insurance and insurance requirements
- Entity and guarantor documents review
- Payoff and extension terms explained before closing
What drives the cost of hard money loans in Redford
- Loan-to-cost and loan-to-ARV ratios
- Your experience and track record
- Points, draw fees and inspection fees
- Loan term and extension options
- Property condition and scope of rehab
- Credit and liquidity of the guarantor
- Speed of closing required
- The age of the home: the typical Redford home was built around 1955, so older materials, lead-safe rules and hidden damage can add time
Before you hire in Redford
Lead-safe work rules apply to most homes
The typical home in Redford was built around 1955. Painting, window, siding and remodeling work that disturbs paint in homes built before 1978 must follow the EPA lead-safe (RRP) rule. Ask any contractor for their RRP certification before work starts.
Older plumbing and sewer lines
79% of homes here were built before 1960, when cast iron drains, clay sewer laterals and galvanized supply pipe were standard. A sewer camera inspection before buying or remodeling is cheap insurance.
Permits: check with the Redford building department before work starts.
How to compare hard money loans quotes
- Send the same deal to two or three lenders.
- Compare total cost: rate, points, draw fees and extension fees.
- Ask how quickly draws are inspected and funded.
- Confirm there is no penalty for early payoff, or what it is.
- Ask for references from Detroit investors the lender has funded.
Other mortgage lender services in Redford
Hard Money Loans near Redford
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Hard Money Loans in Redford: FAQ
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