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Hard Money Loans for Residential Real Estate Investors
Hard money loans are available for residential real estate investing. Here’s what you need to know about these types of loans.
· Credit scores of 650 or higher – some automated approvals allow for lower scores. Approvals are driven by credit history and lender defined credit worthiness based on past open and closed credit accounts · Proof of income and assets MAY be required on a case by case basis. · Must have two years of real estate investing experience. · LTV is generally 65% of the value after repair. Automated approvals may yield higher LTV ratios. Some programs have LTVs up to 75% of the value after repair. · Points range from 5 pts to 8 pts and may be required to be paid at closing in some situations. · Closing costs can range from 1-2% of the loan amount. · Rates are currently in the 10% to 15% range and are generally due in 6 months.
For investors with a short-term quick turn strategy these loans can be the perfect solution to conserve capital and create profitable transactions. |
Residential Hard Money

