About Do Hard Money
Do Hard Money is a hard money lender based in West Jordan, UT providing funding in 13 states throughout the United States. Their lending focus is primarily on fix-and-flip hard money loans. Their lending guidelines are flexible, including terms up to 5 months, loan amounts ranging from $70,000 to $250,000 with a maximum LTV of 70%, and rates ranging from 15%. Their lending guidelines do not include a minimum FICO rating. The focus of their lending is for single family units and multi family.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: WA, TX, LA, WI, IL, IN, MI, OH, NJ, MD, VA, NC, GA
Lending Guidelines for Do Hard Money
Below are the general loan guidelines published on the Do Hard Money website. Please confirm all terms and rates directly with the lender.
Fix and Flip LoansLoan Amounts: $70,000 - $250,000
Available Rates: 15%
Typical Terms: 5 months
Points Charged: 5.5%
Max Loan-to-Value (LTV): 70%
Max Loan-to-Cost (LTC): 100%
Owner Occupied Allowed: NO
Interest Only Loans: N/A
Prepayment Penalties: NO
Minimum FICO Score: NO
Time to Close: N/A
The following loans are for education purposes only. They do not represent actual loans executed by Do Hard Money.
Loan Example 1
Do Hard Money issues a fix-and-flip loan to Ted for a rehab project in Houston, TX, on a house that costs $260,000. Because the lender agrees to a 60% loan to value, Ted will be required to put 40% down so the principle amount of the note will be $156,000. The interest rate on the note is 11% for a term of 18 months and the company requires a five point origination fee at closing. The interest payments are to be paid on a monthly basis and the principle will be repaid after the sale of the property.
In addition to paying the $7,800 origination fee, Ted will also have to fund $104,000 of the purchase with his own funds, or 40% of the purchase price. Once the deal is closed and Ted takes over the project, he will have to begin making payments each month of $1,430 to the lender ($156,000 principle x 11% / 12 months). If Ted meets his goal of a $312,000 total sales price when the loan term expires, he would pocket a total profit of $18,460 after repaying the principle on the note and subtracting the cash he contributed at closing, the origination fee, and the total interest payments.
Loan Example 2
Leanne locates a property in Houston, TX to rehab and re-sell. Because she does not have enough cash to buy the property outright, she takes a fix and flip loan from Do Hard Money with the following parameters:
$160,000 sales price
60% loan to value (LTV)
6 month term
8% rate of interest
3% origination fee
Leanne intends to sell the property at the end of the term for $192,000. If she accomplishes her goal, the deal numbers would be the following:
$192,000 sales price
- $96,000 loan principle (60% LTV)
- $64,000 down payment (40% on 60% LTV)
- $2,880 origination points (3% of the $96,000 principle)
- $3,840 total interest paid (6 months x 8% interest)
= $25,280 total profit (doesn't include taxes or renovation costs)
by Jeff 11/14/2018
the service I get from this company is always fantastic. Waiting to hear back on my loan, they have been great to work withthe service I get from this company is always fantastic. Waiting to hear back on my loan, they have been great to work with
by mhapple 10/11/2018
They take money upfront and claim you can get it back. They say none of your deals make sense and keep your money. How bad is that when a company you don't want to work with keeps your money.They take money upfront and claim you can get it back. They say none of your deals make sense and keep your money. How bad is that when a company you don't want to work with keeps your money.
by Jeff 10/10/2018
Everytime I need to speak with them they get right back to me. Working on my first deal right now and hope to get my loan approved soon.Everytime I need to speak with them they get right back to me. Working on my first deal right now and hope to get my loan approved soon.
by Reeves 01/29/2018
I am currently working on getting my first loan with DHM. They have been so helpful!I am currently working on getting my first loan with DHM. They have been so helpful!