The Hard Money CO.

Address:

https://thehardmoneyco.com/

Internal Reviews

(0 reviews)

Total loans closed with Loan Factory
18,663

Total loans closed with Loan Factory (past 12 months)
15,070

Lender overview

QM Program

N/A

Loss Payee

N/A

CPL or Subordinate Clause

N/A

Lock Policies

Lock extension

N/A

Relock

N/A

Lock & Shop

Lender's Niche

We do short term bridge loans for purchase and/or refinance of distressed investment properties.

Loans up to 50% value on cash-out refinance
As low as 10% down payment on the purchase price (or we will consider any free and clear assets borrower may have as collateral, in lieu of down payment, and could also roll the fees into the loan amount)
Typical lender fees include 5% origination fee (or minimum $2,500), $1,450 Closing Costs, $1,750 Attorney Fee, and $1,500 Title Charges. This estimate does not include property insurance premium or prepaid interest/tax escrow which is variable based upon closing date. (Check out our Loan Calculator to see potential payment amounts)

6-Month term, no prepayment penalty
Option to extend the loan at a 5% refinance fee (1st extension 6 months; 2nd and proceeding extensions 3 months)
15% annual interest rate
Interest-only payments made during the loan term, along with property tax escrow
For Borrowers that would like a repair escrow as part of their loan, we require a Scope of Work. We advance $3,000 at closing to get started, then Borrower will make a draw request based on completed work. Inspection and funding will be done within 24-48 hours of the request. Includes a $200 draw fee.

Lender's overlays

Residential 1-4 unit only and we cannot lend on owner occupancy.

Initial underwrite (days)

N/A

CTC conditions review (days)

N/A

Initial CD (days)

Review - The Hard Money CO.

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