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I am remodeling another property that I own in Hawaii and plan to list shortly. I am proposing using a property that I own outright in Woodinville WA as collateral to finish the remodel on the Hawaii home and sell it to repay this loan. This is just a short term loan until I sell one of my other properties. I would consider keeping the loan longer if the terms are reasonable however I have never utilized hard money lenders before and my expectation is that the interest rates could be higher than I would want to hold long term. I have substantial additional real estate assets however all of them have a standard mortgage on them with very low interest rates. With no experience working with hard money lenders I thought using an unencumbered property would be the best collateral for this loan. I am flexible on the loan amount, I don't expect to need $350,000 to complete the renovation and finalize a sale I just picked $350K because it seemed like a reasonable LTV.
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