How do I pre-qualify for a loan?
Simple! Click here for complete details. |
Do you have a minimum and maximum loan amount?
Our minimum loan amount is $25,000.00 (US). Our maximum loan amount is $500,000.00+ (US). |
What is your credit requirement?
Our average credit score is 630. We will work with lower scores if cash reserves and rehab experience are in abundance. |
What type of properties do you fund?
We fund only non-owner occupied single-family homes and up to four unit residential buildings. |
How many loans can I do at once?
It depends on the financial ability and experience of the borrower. |
Is it necessary to pre-qualify every time I want to do a loan?
No! Updated bank and investment statements will be needed and credit will be pulled on six-month intervals. |
Will I have a prepayment penalty?
No! There are no prepayment penalties on any of our loan packages. |
What are the terms of your loans?
Click here and you can review all our loan packages. |
Can I roll repair funds and closing costs into the loan amount?
Yes, if the purchase price, rehab price and closing costs add up to less that 65% of the after repair value! |
How are repair funds disbursed?
The Hard Money Depot holds the repair funds in an escrow account. Typically, contractors will want 25-50% of the contract price up front to initiate the rehab.
The borrower initiates the rehab, therefore, rehab funds are reimbursed once work is completed. Upon completion of work, the borrower should contact The Hard Money Depot to schedule an inspection of the property. The Hard Money Depot will use an independent inspector to review the work completion and then make a decision on the amount of funds to be disbursed.
Inspectors usually charge around $75.00 (US) for inspections. The borrower pays this fee and can order as many inspections as necessary. The Hard Money Depot needs a minimum two (2) day notice to schedule inspections.
Upon completion of the inspection, The Hard Money Depot will wire or mail the funds to the borrower. The borrower pays for all bank charges (wiring fees). |
Do I have to borrow the repair funds?
No, but The Hard Money Depot will only lend 70% of the ‘As Is’ value if only lending the purchase price. We will not lend on the after repair value in these cases. |
Who does the appraisal?
The Hard Money Depot is responsible for all appraisals. |
Will you provide a proof of funds letter?
Yes, if you are pre-qualified. |
How fast can I close my loan?
Once a borrower is pre-qualified, The Hard Money Depot can close within two (2) weeks (subject to the completion of the appraisal and title work). |
