HARD MONEY PRODUCT AVAILABLE

[Copelon Kirklin]

My company is a private money and commercial mortgage brokerage that arranges financing for residential and commercial real estate deals. From time to time, I post discussions on various loan products available to borrowers. 

Hard money is not meant to be cheap nor used long-term. That being said, it is useful if the numbers work for the investor. Here's a hard money product that I've closed with a few borrowers on. It is only for purchase and refinance deals. There's also a no credit, no income component, which is the most expensive. If any investors are interested, feel free to contact me.

You have a couple of options with this particular lender. It would look like this...

6 mo. I/O

• Loan Purpose: Flip Only
• Term: 6 months
• Amortization: Interest Only
• Tier 1 Rate, Points*: 11%, 4.5 points
• Tier 2 Rate, Points: 11%, 6.5 points
• Tier 3 Rate, Points: 15%, 7.5 points
• Closing Fee: $995 - $1995*
• LTV: Purchase - 65%, Refi - 50%
• Min. Property Value: Purchase - $35.4K, Refi - $46K
• Property Condition: C1-C5
• Prepayment Penalty: No

5 Yr. Full Am.

• Loan Purpose: Flip or Rent
• Term: 60 months
• Amortization: 5 yrs.
• Tier 1 Rate, Points*: 18%, 4.5 points
• Tier 2 Rate, Points: 18%, 4.5 points
• Tier 3 Rate, Points: 18%, 4.5 points
• Closing Fee: $1000
• LTV: Purchase - 65%, Refi - 50%
• Min. Property Value: Purchase - $35.4K, Refi - $46K
• Property Condition: C1-C4
• Prepayment Penalty: No

10 Due-in-3

• Loan Purpose: Flip or Rent
• Term: 36 months
• Amortization: 10 yrs.
• Tier 1 Rate, Points*: 14%, 5.5 points
• Tier 2 Rate, Points: 15%, 6.5 points
• Tier 3 Rate, Points: 18%, 7.5 points
• Closing Fee: $1000
• LTV: Purchase - 65%, Refi - 50%
• Min. Property Value: Purchase - $35.4K, Refi - $46K
• Property Condition: C1-C4
• Prepayment Penalty: No

30 Due-in-3

• Loan Purpose: Rent
• Term: 36 months
• Amortization: 30 yrs.
• Tier 1 Rate, Points*: 14%, 5.5 points
• Tier 2 Rate, Points: 15%, 6.5 points
• Tier 3 Rate, Points: 18%, 7.5 points
• Closing Fee: $1250
• LTV: Purchase - 65%, Refi - 50%
• Min. Property Value: $80K
• Property Condition: C1-C4
• Prepayment Penalty: Yes

*Interest rates and points based on credit score: Tier 1 - 700 or higher, Tier 2 - 600-699, Tier 3 - 619 or lower. Closing fee on 6-month loan dependent upon loan amount.