Frequently Asked Questions

1) What is Hard Money? The term "hard money" refers to loans that don't fit the normal criteria for institutional (bank, mortgage company etc.) type lending.

2) What types of Property do you lend on? We lend on Single Family and Multi Family homes.

3) Why use Hard Money? Hard money is faster and is has different underwriting guidelines so you can get the money you need quick and make the deals happen!

4) How do I apply?              

5) How long does the process take? We understand your need for quick financing. A "quick close" offer often gets accepted over a longer term offer. We will work as hard as possible to get you the money within 3 to 15 days.

6) Where do you lend? Presently we lend in the Jacksonville, Duval County, Florida area only.

7) How much will you lend? Loans range from $30,000 to $200,000. Any other amounts will be considered on a case by case basis.

8) What Loan to Value will you lend to? We will lend up to 70% of the After Repaired Value (ARV) as determined by our appraisers. To calculate Loan to Value for your transaction, do the following:

Purchase Price+Financing Costs+Repair Costs/ (divided by) After Repaired Value (ARV)

9) What are the loan terms? Loan term is for 1 year, Interest only, with the first payment due 1 month after closing. Interest will be billed to you on a monthly basis. A 3 month extension is available for a fee.

10) Do I need any money at closing? No! As long as your deal meets the 70% ARV requirement. If your deal exceeds the 70% ARV, you will need to bring the excess cash to closing.

11) Does my credit matter? Yes. We require at least a 680 middle score based on as standard tri-merge credit report.

12) Can I borrow repair costs? We will be happy to finance all repair costs.

All repair costs will be held by us and released to you, the borrower only, within 48 hours of our receipt of a
completed draw request form and a satisfactory inspection by our field reps.

For draw procedures, click here.

13) What is the interest rate? Our interest rate is 16%.

14) What are the loan costs? Closing costs are generally 10% of the loan amount.

For a sample of typical loan costs, click here.

15) Where do we close the loan? We prefer to close at Sunshine Title (904-732-9394), however we can work with other Title companies.

16) Can I get cash at closing? Never, no exceptions. You make your money when you sell.

17) Is there a prepayment penalty? No.

18) Do you lend on rental or commercial property? Our program is designed for the typical BUY-FIX-SELL-PROFIT situation on single and multi family homes only.

19) Is there an application fee? NO