Hard Money Loans
- Hard Money Loans loans are short term loans that can be funded very fast – within a week
- Ideal for Fix and Flip opportunities
- Great way to Fix and Refinance
- Acquire and stabilize a property before refinancing with a Rental Loan
- Perfect solution if a bank will not finance your property because of credit issues
- Starting at 10% for interest-only loans
- Amortization option available
- 1.5 – 2% origination fee
- 1 year term standard
- 2 year term available
- 6 month extensions available
- Up to 85% of purchase price
- Typically, 100% of rehab
- Total Loan amount not to exceed 75% ARV
- First Lien Only
- Property must be in LLC not in personal name
- New appraisal to be ordered by Home Loan Services llc
- Can accept existing appraisal on a case-by-case basis
- Lender title insurance
- Insurance policy (Home Loan Services llc should be loss payee and additional insured)
- Builder’s risk insurance on extensive rehab projects