Easy Hard Money Loan
Are you paying more than 10% interest only for your hard money loan?
Are you paying more than 3 points for your hard money loan?
Are you paying more than $500 for lender closing costs on your hard money loan?
Are you paying more than 10% down for your rehab financing.
If the answer is yes to any of these questions you may be paying too much for your hard money financing.
We can help you with better rates, lower points and lower down payment and lower closing costs than most programs in the market. Surely when you combine all the features you will understand this is one of the best programs in the market.
Easy Hard Money Loan Program Guidelines
Here are general program guidelines for the discounted hard money loan.
Credit Score: Minimum Credit Score is 600
Experience: Experienced real estate investors who have completed two fix and flips and or buy and hold rehab transactions in the last three years qualify for ninety per cent of the loan to cost.
First Time Investors: Inexperienced real estate investors qualify for eighty five per cent loan to cost. If they have a 680 credit score they will qualify for ninety per cent loan to cost.
Cash to Close: Borrowers must verify they have down payment and closing costs to qualify for the discounted hard money loan.
Cash Reserves: Borrowers must have six months of the mortgage payments in addition to the cash to close prior to closing.
Business Purpose Loan: The discounted hard money loan is a business purpose loan. Therefore the borrower must be a corporation (LLC or Corporation). The real estate investor will guarantee the loan.
Income: There are no minimum income requirements.There are no debt service ratio’s calculated.
Other Easy Hard Money Loan Terms
- Term: Twelve Months interest only payments
- Rate: 10% (slightly lower for very experienced borrowers – sightly lower for higher risk clients)
- Points: 3% For loans $200,000 or more (slightly higher for lower loan amounts)
- Closing in three weeks.
Very experienced investors can qualify for better rate and points and lower down payments and may qualify for the rehab credit line.