About Express Hard Money
Express Hard Money is private money lender headquartered in Jersey City, NJ. They provide funding in New York, New Jersey, and Connecticut. Their lending focus is mainly on fix and flip hard money loans. The focus of their loans is for single family and multi-family.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: NY, NJ, CT
Lending Guidelines for Express Hard Money
Below are the general loan guidelines published on the Express Hard Money website. Please confirm all terms and rates directly with the lender.
Fix and Flip LoansLoan Amounts: N/A
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/A
The following loans are for education purposes only. They do not represent actual loans executed by Express Hard Money.
Loan Example 1
Daniel takes a fix-and-flip loan from Express Hard Money in order to renovate a duplex to resale in Brooklyn, NY. The sales price of the house is $300,000. Since the lender sets a 80% loan-to-value, Daniel will have to put 20% down so the total amount of the note will be $240,000. The note is interest-only, with monthly payments, and is for 6 months at 10% interest with 2 points paid when the deal closes.
In addition to paying the $4,800 origination fee, Daniel will also fund $60,000 of the purchase with his own money, or 20% of the sales price. he will then pay $2,000 per month to Express Hard Money. Daniel 's intention is to finish the project within the 6 months and sell it for $375,000. If he succeeds he will earn a profit of $58,200 ($375,000 price - $240,000 principle - $60,000 down payment - $4,800 origination fee - $12,000 in total interest.
Loan Example 2
Edward takes a hard money loan from Express Hard Money so he can renovate a townhome to flip in Brooklyn, NY. The loan has the following terms:
a) A $360,000 purchase price, b) a 70% loan-to-value (LTV), c) a 12 month term, d) a 10% interest rate, and e) a 1% origination fee.
After the renovation project is complete, if Edward sells the house for $450,000, the numbers would be as follows:
$450,000 sales price
- $252,000 principle on note (70% LTV)
- $108,000 down payment (30% on 70% LTV)
- $2,520 origination points (1% of the $252,000 principle)
- $25,200 interest payments (12 months x 10% interest)
= $62,280 total profit (doesn't include taxes or renovation costs)
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