James Melton

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Rehab Lending

Additional docs may be required, case by case

Terms:

  • Rate: from 9-14% depending on state and experience
  • Fees: starting at 3%.
  • Term: Up to 12 months
  • Loan Amount: $75,000 to 2.5M
  • Property Type: Non-owner occupied 1-4 family residential Condos, Townhomes, Multifamily and Mixed-Use Property.
  • Credit Score: Minimum 600 fico required
  • Loan-to-Value: Up to 85% of the purchase price + 100% of the renovation costs. Not to exceed 75% of the ARV.
    *Foreign Nationals 10% LTV reduction

Documentation Required:

  • Application, Executed Contract, Itemized Rehab Budget
  • Last 2 Bank / Savings Statements
  • Appraisal of ARV by Hard Money USA approved appraiser (borrower is responsible for payment)

LLC Docs:

  • Operating agreement

3-YEAR RENTAL BRIDGE LOAN

Additional docs may be required, case by case

Terms:

  • Rate: Prime + 6%
  • Fees: Fees start at 3%
  • Term: 3 year balloon
  • Loan Amount: Minimum loan size $50,000
  • Loan Type: Purchase, Refinance, Cash Out
  • Credit Score: No minimum score
  • Loan-to-Value: up to 65% LTV
  • Availability: Available in most states

Documentation Required:

  • Application, Executed Contract, Itemized Rehab Budget
  • Last 2 Bank / Savings Statements
  • Appraisal of ARV by Hard Money USA approved appraiser (borrower is responsible for payment)

LLC Docs:

  • Operating agreement

FULLY AMORTIZED RENTAL LOAN PROGRAM

Additional docs may be required, case by case

Terms:

  • Rate: Rates start at 8.5% principal and interest
  • Fees: Start at 3%
  • Term: Fully amortized 5 year AM loan
  • Loan Amount: $70,000 and up
  • Loan-to-Value: up to 65% LTV
  • Credit Score: Minimum 650 score
  • Purchase: up to 70% LTV based on purchase price
  • Refinance Rate and Term : up to 70% LTV
  • Refinance Cash Out : 65% LTV
  • Availability: Available in most states
    No rehab allowed

Documentation Required:

  • Application, Executed Contract, Itemized Rehab Budget
  • Last 2 Bank / Savings Statements
  • Appraisal of ARV by Hard Money USA approved appraiser (borrower is responsible for payment)

LLC Docs:

  • Operating agreement