Question: Is it customary for a lender to issue a loan and have the payments start 3-6 months from when the loan was paid out?

Question: Is it customary for a lender to issue a loan and have the payments start 3-6 months from when the loan was paid out?


Jim Ingersoll: No. Where did you meet this lender?
Marc Cesar: Privatemoneygoldmine.com
Private Money Lenders & Loans for Real Estate Investors, Cheaper than Hard…
privatemoneygoldmine.com
Marc Cesar: I was looking for a 37k loan and I was approved but payments were for 6k starting 6mths from when loan was sent. I’m a newbie with loans so my red flags went up today when I looked over details today
Jim Ingersoll: 6k is way too much on a 37k loan. I know nothing about this site, but the many do not work out. Do you have a local hard money lender who can help? What are do you live?
Marc Cesar: I’m in NY but iman and I are looking to get funding for a rehab we locked up in philadelphia that we have to close on Thursday. New arena for us so we’re trying to figure things out as we go.
Jim Ingersoll: Gotcha. It’s a small amount so I would start calling people to discuss it. Use your phone, email and social media contacts
Marc Cesar: We’ve made calls but getting hefty rates
Jim Ingersoll: Marc Cesar need to find the Minnows and avoid the Sharks
Marc Cesar: Gotcha. I’m looking to learning about connecting with pvt funders for deals I’m coming across and iman said your the best person to follow for that
Michelle Dyer: I can tell you who we are using for HML. pm me.

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