Our residential hard money loans require less documentation than regular lenders. As a Private Mortgage Company we offer faster processing times and have the ability to work with foreign nationals.
We offer purchase loans at 70% of the lesser of the purchase price or appraised value and up to 65% for refinances. We allow for the sellers to take a second lien if needed and we always require our own appraisal.
For owner occupied (homestead hard money loans) we require income documentation for the most recent 2 years (tax returns or third party financials) and we adhere to Fannie Mae underwriting standards for income underwriting (43 % DTI or less). Our owner occupied loans are for 5 years on a 20 year amortization.
For residential investment hard money loans, we offer loans for purchase, refinance, bridge loans, new construction, rehabs and cash out loans. Our terms are usually 2 years on 20 year amortizations.
For residential rehab loans we require a copy of the budget and references for the contractor. For purchase and rehab loans the LTV will be calculated on the lesser of the appraised value or the total of the purchase plus budget to rehab (for example, on a purchase of $100,000 with a rehab budget of $30,000 the max loan amount would be $ 91,000 (70% of $130,000)
For residential construction loans we require a full set of plans sealed by and engineer (preferably by the city as well), line item budget, specs and references (banks and costumers) for the builder. We usually require for the lot to be paid to consider a construction loan on a spec home.
| Properties | 1-4 residential properties |
| Loan Amounts | $35,000 – $ 5,000,000 |
| Term | 2 to 5 years |
| Amortization | 20 year amortization |
| Rate | 10% -14% |
| Fees | 2% Origination, 1% prepayment penalty (on investment only) |
| LTV | Up to 70% for purchase 65% for rehab/construction/refinance |