Updated almost 5 years ago on .
Competitive Hard Money Loans
- Fix and Flip:
For our fix and flip program we are at 80% - 90% of the purchase and 110% of the rehab for fix and flips. (extra 10% for contingencies if needed). Rates will start at 7.5% APR. No prepayment penalty. You only pay interest for what you draw out not on the full loan amount. 650 is a minimum fico score (you or a partner). Points/ origination fee will be between 1.75 – 2.25%. 80% of the purchase price is if you have no experience for a first time flipper. We can go up to 90% of the purchase price if you have 3 flips completed and/or 3 rental properties owned.
- New Construction:
For new construction we are at 50- 65% (Purchase or Refi) of the land and up to 110% of total construction cost. For new construction need at least a 650 minimum fico (can have a cosigner). Rates will start at 8.75% APR. No prepayment penalty. You only pay interest for what you draw out not on the full loan amount. Points/ origination fee will be at 2.0% - 2.25%.
- 30yr Rental Low Doc:
We offer a low doc mortgage for a 30 year fixed rate, amortized over 30 years. Our low doc asset based mortgage is used for non-owner occupied residential or commercial rental properties. We can go up to 80% of the purchase price and up to 75% LTV (As-Is Value) on refi cash out. This is for single or multi-family rental properties. Rates start at 4.85% APR and can go up to 6.75% APR, It depends how the property is cash flowing or will be cash flowing and fico score. 650 is a minimum fico score (can have a cosigner). We can also do low doc portfolio loans, 5, 7, or 10 year term with a 30 year amortization. Points/ origination fee can be as low as 1%. Rates for low doc portfolio loans will start at 4.99%.
Susan Kim
Direct: 714-675-1123
