Hard Money Loan Frequently Asked Questions

We hope to answer your most common questions below.

What makes the HardMoney Company better than other hard money and private lenders ?

  1. Capitalization- we have the capital to close multiple deals at the same time.  Loans from $50,000 to $5mm.
  2. Streamlined processing – loan analysis, closings, and draws are always expedited
  3. Analysis – loans are only made when the HardMoney Company concludes that your success is very achievable
  4. Senior Management- Is always involved in your personal transaction and are readily available to all clients

Is credit a factor in the loan decision ?

The property and the deal are the main determining factors. Credit is examined however, we are very understanding of past credit issues. Rarely is someone denied simply because of their credit.

How much cash is required from the client ?

From 1% to 20%. Past performance and the transaction’s strength will determine the amount of cash required from a client. Often, refinance or “cash-out deals” require -0- cash.

Can I use my personal property to get a loan ?

Typically not. The one exception is if you are selling that property to relocate and need to pull cash out to purchase a new property. Once your primary property is sold, you must then repay the loan.

Will you make second mortgage loans ?

Yes, after a careful analysis is completed on your first mortgage and the equity on the property.

Will the HardMoney Company provide proof of funds verifications ?

Yes, after an application is completed.

What are points ?

Points are fees for acquiring a loan. Each point charged is equal to 1% of the loan amount. Two points on a $150,000 loan are equal to $3000.

How fast can the HMC close a deal ?

Recently we closed a deal 24 hours from the time we met the client at his property. Our process is extremely streamlined however we are restricted with title reports and title issues. Most deals are closed within 5-7 business days. Florida is the exception: Florida transactions typically require 3 weeks to close.

What are the interest rates for a hard money loan ?

Typically, interest rates for a hard money loan at the HardMoney Company range from 9-15%.

Can I get a hard money loan with no money down ?

There are no up-front fees, but good faith deposits are required only after a loan commitment.

Can I get a hard money loan with no credit check ?

We accept all levels of income and credit, but we analyze income and credit score to prevent clients from over-extending themselves. Rarely is credit/income a reason for us to deny a loan request.