About 770 Hard Cash
Headquartered in Atlanta, GA, 770 Hard Cash is a hard money lender offering funding all across the US. Their lending focus is mainly on fix and flip hard money loans. Their loan guidelines are flexible, including rates ranging between 7.4% and 21% and loans with a maximum LTV of 100%. They primarily make funding for single family homes and multi family.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: National
Lending Guidelines for 770 Hard Cash
Below are the general loan guidelines published on the 770 Hard Cash website. Please confirm all terms and rates directly with the lender.
Fix and Flip LoansLoan Amounts: N/A
Available Rates: 7.4% - 21%
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): 100%
Max Loan-to-Cost (LTC): 100%
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: 5 Days
The following loans are for education purposes only. They do not represent actual loans executed by 770 Hard Cash.
Loan Example 1
Jimmy takes a private money loan from 770 Hard Cash in order to remodel a townhome to resale in Alexandria, VA. The price of the property is $150,000. The borrower will need to contribute 15% of the sales price in cash to closing based on a 85% loan to value stipulated by the lender. This makes the loan principle from 770 Hard Cash $127,500. The terms of the note also include a one percent origination fee which will be paid at closing and a 12 month, interest-only note with a 12% rate of interest.
According to the parameters of the note, Jimmy will have to pay a $1,275 origination fee in addition to 15% of the sales price, or $22,500, since there is a 85% LTV. Once the loan is executed and Jimmy takes over the project, he will begin making payments each month of $1,275 to the lender ($127,500 principle x 12% / 12 months). If Jimmy accomplishes his goal of a $195,000 total sales price when the loan expires, he would pocket a gross profit of $28,425 after re-paying the principle and deducting the money he contributed at closing, the origination points, and the total monthly interest payments.
Loan Example 2
770 Hard Cash issues a loan to Travis for a renovation project in Stockton, CA. The deal includes the following:
a) A $190,000 sales price, b) a 80% loan to value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 4% origination fee.
Travis intends to sell the property at the end of the term for $275,500. If he succeeds, the final numbers would be the following:
$275,500 sales price
- $152,000 principle (80% LTV)
- $38,000 down payment (20% on 80% LTV)
- $6,080 origination points (4% of the $152,000 principle amount)
- $6,080 total interest paid (6 months x 8% interest)
= $73,340 gross profit (doesn't include taxes or rehab costs)
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