TERMS

If you’re inexperienced in hard money loans, the loan terms might sound a little ambiguous.
At HMF, we are all about creating simple models and empowering customers to achieve seamless access to loans. Adhering to loan terms streamlines the lending process.

  • Flip only

  • FIX &  FLIP

  • fix & rent

  • refinance / cash out

Flip Only

The flip only, often known as a short-term house flipping loan, is well-known by businesses and individual real estate investors. Such loans are offered by HMF as a hard money option, with investment real estate used as collateral. The funds are used to purchase the property once it has been approved.

Loan Requirements

  • Investor non-owner occupant loans only
  • Individuals, LLC's, and corporations allowed
  • Minimum credit score: 550
  • No Bankruptcies past year
  • Personal guarantee required
  • Lender must be in first position
  • Insurance required
  • Lender named as mortgagee on insurance policy
  • Title policy required, both owner and mortgagee
  • Tax Certificate
  • Survey may be required
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    Loan Terms

    • Loan terms are 6 months typically
    • Interest rate ranges from 11.99% - 14.99%
    • 2 - 4 points
    • Interest only payments
    • No prepayment penalty
    • LTV up to 85% (as is value)
    • $995 Closing fee - includes desktop appraisal, processing, & flood cert
    • $50 wire/courier fee
    • No junk fees!
    • Legal Fees paid directly to Attorney 
    • No previous project requirements
    • Same day approval
    • Loans available from $100,000 - $2,000,000

    Application Documents

  • Loan Application
  • Purchase Contract
  • Renovation Budget (if rehab)
  • Payoff Statement (if refinance)
  • Rent Roll & leases (if rental)
  • Copy of Driver’s License
  • Corporate Docs if entity
  • Track Record
  • Exit Strategy