If you are a home or business rehabilitator in North Carolina, it will be helpful to familiarize yourself with the terms most often used for loan agreements by the rehab hard money lenders in Charlotte NC, as you can never know when you will need their help in order to complete your projects. Hard money loans often save rehab projects whose costs run out of hand, and those who enter knowing how much they can expect to spend usually benefit the most from using these financial instruments.
What Types Of Properties Can Be Financed By The Rehab Hard Money Lenders In Charlotte NC
Since Charlotte is the largest city in the state and an important hub for east coast culture and business, you are certain to find applicable hard money lending opportunities in the city, even if your business takes you into the suburbs. Certain properties are generally financed statewide:
• Single-Family Residences;
• Multi-Family Residences With Up To 8 Units;
• FHA-Approved Condos And Homes.
It is important to note that large apartment complexes are not included in this list, and can be more difficult to tender a loan for. However, numerous lenders serve the Charlotte market, and giving them a call or meeting with them to find out what your options are cannot hurt your interests.
Fees That Rehab Investors Are Likely To Pay
Just like with any other loans, there are certain fees that you should expect to pay in order to obtain the money you need. These are paid to various institutions that make the loan possible, including attorneys and underwriters:
- Processing Fee – Usually several hundred dollars paid directly to your lender.
- Underwriting Fee – A necessary element of loan regulation in North Carolina, you can expect this fee to be a little less than double the processing fee in most cases.
- Wire Transfer Fee – This is a relatively small fee that covers the cost of digitally transferring the loan amount into your bank account. It rarely exceeds $50.
In order to avoid unpleasant surprises, always ask the rehab hard money lenders in Charlotte NC you come in contact with about these fees.