About Hard Money Home LLC
Hard Money Home LLC is an asset-based lender in Glendale, WI offering loans in Wisconsin. Their focus is primarily on fix-and-flip hard money loans. Their loan guidelines are versatile, including terms between 3 months and 1 year, rates ranging between 15% and 20%, and loans with a maximum LTV of 65%. The focus of their lending is for single family residences and multi-family units.Visit Website
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: WI
Lending Guidelines for Hard Money Home LLC
Below are the general loan guidelines published on the Hard Money Home LLC website. Please confirm all terms and rates directly with the lender.
Fix and Flip LoansLoan Amounts: N/A
Available Rates: 15% - 20%
Typical Terms: 3 months - 12 months
Points Charged: 5% - 10%
Max Loan-to-Value (LTV): 65%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: NO
Interest Only Loans: YES
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 Hard Money Home LLC.
Loan Example 1
Lewis closes on a $160,000 rehab project in Milwaukee, WI, using a hard money loan from Hard Money Home LLC. The loan to value (LTV) on the loan is 65%. This means Lewis will have to bring 35% of the sales price to closing and the principle will be $104,000 on the note. The note is interest-only, paid monthly, and is for 12 months at 8% interest with 2 points paid at closing.
Lewis will have to contribute $56,000 to closing (35% on the 65% loan-to-value), plus he will pay the $2,080 origination fee. After the deal closes, he will pay Hard Money Home LLC $693 in monthly interest payments, or 8% times $104,000 divided by 12 months in the year. Lewis 's plan is to complete the renovation by the end of the 12 months and resell it for $240,000. If he succeeds he will collect a total profit of $69,600 ($240,000 sales price - $104,000 principle - $56,000 cash at closing - $2,080 origination points - $8,320 in interest.
Loan Example 2
Phillip finds a house in Milwaukee, WI to renovate and sell. Because he does not have enough cash to buy the property outright, he takes a fix and flip loan from Hard Money Home LLC with the following parameters:
a) A $170,000 purchase price, b) a 80% loan-to-value (LTV), c) a 12 month term, d) a 10% interest rate, and e) a 2% origination fee.
Based on a $255,000 sales price after the 12 month term, the outcome for the project would look like this:
$255,000 sales price
- $136,000 principle on note (80% LTV)
- $34,000 cash paid at closing (20% on 80% LTV)
- $2,720 origination fee (2% of the $136,000 principle amount)
- $13,600 interest payments (12 months x 10% interest)
= $68,680 total profit (does not include taxes or renovation costs)
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