Hard Money Loan
See what a hard money loan looks like on your deal: the down payment, the loan at closing, the renovation holdback, the points, the monthly interest and the cash to close, sized the same way our fix and flip and bridge programs size a real file.
Educational estimate only, using the program rules and starting rates published on our rates and requirements page. It is not a quote, an offer or a commitment to lend; Price a Deal prices your actual deal and issues the term sheet.
The deal on one side. The loan on the other.
Sets the starting rate. The 3-day option is California only.
Funded on a fix and flip; on the buyer for a bridge or the 3-day option.
The loan stays under 75% of it (90% on the 740+ overlay under $750,000).
A ballpark is fine. Leave it empty for no score.
Decides the down payment on a fix and flip.
Enter the price and the budget to see the loan.
Rough estimate, not a quote. The rates are the program starting rates and the rules are the published requirements; the real price is set on the file. Cash to close is before title, escrow, the appraisal, prepaid interest and taxes. Business-purpose loans on investment property only. Not a commitment to lend.
How a hard money loan is sized.
On a fix and flip, 10% with at least one completed project in the last three years, 20% on a first flip. The 3-day California option is 35% down. loan at closing = price x (1 - down%)
On a fix and flip the whole budget is added to the loan and released as the work completes. On a bridge or the 3-day option the renovation is the buyer's. total loan = loan at closing + budget
The total loan stays under 75% of the after-repair value, or 90% with a 740+ score on a purchase under $750,000. When it binds, the loan at closing shrinks and the down payment rises.
From 9.25% in California and 9.75% elsewhere, interest only; the 3-day option is 10.5% fixed. 1.5 points on the total loan. Fix and flip fees total a little under $4,400. monthly interest = loan x rate / 12
Fix and flip needs a 660 score; 600 to 659 is a pre-screen with the desk. The 3-day option has no minimum. A first flip caps the budget at the lesser of $100,000 and 25% of the price.
Larger fix and flip loans, to $3.5M, go by pre-screen with the desk. The 3-day option starts at $250,000. Every live opportunity on this site is priced with exactly these rules.
The full sheet is on the rates and requirements page. Read about the programs themselves: fix and flip loans, bridge loans, hard money loans.
Numbers Work?
Price the deal for real. The term sheet is instant, and the close is 2 weeks out.