A hard money loan calculator enables you to calculate your estimated monthly (principal & Interest) payment on a private money loan. It’s as simple as inputting the loan amount, loan term and interest rate into the online calculator above, and it will do the calculations for you.
Variables That Impact The Cost Of A Hard Money Loan:
1. Loan Amount: The principal amount of the
hard money loan will significantly affect the monthly payment.
2. Interest Rate: Interest rates for a hard money loan range from 10-15%.
3. Loan Term: The length of the loan term and the amortization schedule will impact monthly payments.
4. 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 $3000.5. Credit: The HardMoney Company accepts all levels of income and credit. Rarely is credit a reason for us to deny a loan request.
What Are The Requirements For A Hard Money Loan?
Regardless of the type of loan you are pursuing, most hard money lenders will require the following information to finance your project:
- Initial acquisition cost of targeted property.
- Purchase contract.
- Down payment amount.
- Projected Rehab budget
- Estimated After Repair Value (ARV) of property.
About The HardMoney Company
The HardMoney Company is a private money lender located in Washington, DC, and Aventura, Florida. We provide hard money loans of all sizes, anywhere from $50K-$5M. If you are looking for a hard money lending company who provides great rates, can close deals faster than competitors, accepts all types of credit, and cares about your success, then
contact us today.
