We loan Real Estate Investors money to purchase and rehab real estate. We can fund quickly, typically within 72 hours of receiving the final docs from the borrower and title company. Hard Money is available for adequately secured loans on single-family residential houses and other Real Property including commercial projects. There are just 4 simple steps to our loan: get a contract, fill out the applications, provide the required documents, and close the loan.
The application covers the below 3 topics.
* Credit authorization
* Borrower information
* Property evaluation
The credit authorization is used to pull credit. We don’t have a minimum credit score requirement but to get the best rate and terms (Premier Borrower) a 660 FICO minimum score is needed. The borrower information is used to gather the information needed for the Promissory Note and Deed of Trust. The property evaluation information identifies the important points on your deal, how much you are paying, how much is needed in repairs, how much the house will sell for, and a list of some of the other costs. This will give you a good idea of how much profit is in the property for you. After submitting these forms, you can expect a preliminary answer within 1-2 business days and funding within 7-10 days, if everything is ready and the title company has done their work.
The rate is between 11% & 14% interest only annualized and payable monthly. See our Loan Program Overview.
Typically a loan does not exceed 70% of the after-repaired-value (ARV).
We write the notes for 12 months. There is no pre-payment penalty. (If you are in good standing the loan may be renewed for additional months. Ask for details)
All loans will require at-least a Title Policy, Insurance, Inspection, “As-Is” and “As Repaired” Appraisals & Flood Certificate.
Yes. We fund 100% of the repairs. We require a scope of work and general contractor’s bid to be included with the application allowing us to identify the order in which you will repair the property as well as copies of the bids from the vendors. Then, we will reimburse you as the work is completed and inspected.
NOTE: We do not pay in advance for any work.
DHLC will provide funding, for qualified investors up to 70% of the ARV (After Rehab Value). On a house with an ARV of $150,000 that means an investor could qualify to borrow up to $105,000. 100% of the rehab amount will be escrowed for construction draws and the balance will be available to be used towards the purchase price.
Maybe. For the most part, we look at the value of the property after it is repaired, how much you are paying for it, and how much the repairs will cost to determine how much we will lend. However we do require that our borrowers have a minimum of a 660 FICO Score for the Premier Borrower pricing.
Typical loan range from $100,000 to $350,000: All loans are considered on a case-by-case basis. Minimum ARV (after repair value) is $150,000. We have funded loans in excess of $1 Million so we can accommodate most any project.
Yes, we require “as-is” & “as repaired” appraisals from one of our “approved” appraisers.
Yes, we require inspections including the interior before funding and before each repair draw to ensure the work is completed in a satisfactory manner.
Yes. Typically a borrower will bring 6% – 10% to closing which includes points, insurance, Per Diem Interest and, Doc Prep & title fees. We look to ensure that you have enough resources to finish the repairs and cover the costs of the loan plus any surprises.
We can fund as-soon-as we have the appraisal, proof of insurance, a title policy, and a letter from the title company that they will follow our closing instructions.
After submitting the DHLC Loan Application, you can expect a preliminary answer within 1-2 business days and funding within 72 hours of receiving a fully complete loan package. A typical loan takes 1 – 2 weeks from application to closing.
Provided you are current on all of your loans, no limits are set.
To figure your monthly payment simply multiply the interest rate by the loan amount and divide that number by 12.
Yes, we finance apartment buildings however understand that it will take us longer to get our due diligence done.
No. Our programs have interest payable monthly.
Yes. We will accept an existing survey if there have not been any structural changes.
Once you fill-out the Online Application, we will need a copy of the Contract and the Scope of Work. We will also need the required documents listed on initial letter you receive after you have submitted your application in-order to close and fund the loan.
We can loan on rental property, but you will need to have the property refinanced when the term ends.
NO! If you do you will be solely responsible for any increase in costs over and above the original approved items and their associated costs.