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Brokers’ Snapshot Summary
- Remember brokers are always protected and paid at closings.
- We always welcome brokers’ participation.
- The HardMoney Company is self-funded, thus we can be very creative in making your deal happen!
- Loan Types: Rehabs, second trusts... almost anything that makes sense except EPA challenged proposals
- Loan Amounts: $50K to 5mm
- Loan Territory: The VA/DC/MD metro area & Florida remain our major markets; however we do make loans throughout the country.
- Credit Requirements: Credit and income are examined but not a primary consideration.
- Interest Rates: 9-15%
- Points: 1-5 points
- Broker’s Compensation: 20-50% of points charged
- Paperwork Required: We dislike paperwork as much as you; different states require different levels of documentation.
- Borrower Experience Required? No
- Bankruptcy Issues: Usually not a problem
- LTV: Typically based on AS-IS value
- ARV: Not usually a consideration
- Can a client have multiple loans with us? Yes, depending on the strength of the client.
- Preapproval letters: We are happy to provide after a completed application is submitted.