How fast can you close?

We typical close our loans in 7 days or less

What is your maximum loan to value (LTV)?

We can lend up to 65% of the after repaired value (ARV) of the property

What are your loan origination fees? Interest rates?

Our loan origination fees equal 5% of the loan amount and our interest rate is 15%

What is the minimum credit score you will accept?

We do not have a minimum credit score, we work with investors with any credit. However, credit score and financial strength will factor into the maximum LTV, down payment, points, and interest rate.

In what areas do you lend?

We currently lend in the Atlanta, Georgia area including the following counties: Cobb, DeKalb, Fulton, Gwinnett, Forsyth, Hall, and Cherokee. We are currently not funding any loans in Clayton County.

What types of properties will you lend on?

We currently only lend on single family houses in the metro Atlanta, GA area. We do not lend on multifamily homes, commercial properties, raw land, or new construction.

Our ideal house has 3+ bedrooms, 2+ bathrooms, and is located in a well maintained neighborhood.

We generally won’t consider small houses (i.e. less than 1,000 sf), houses with 1 bathroom (unless the rehab includes adding a 2nd bathroom, houses located on busy streets, houses abutting industrial/commercial areas.

In a nutshell, we try to avoid problem houses/neighborhoods that are hard to sell and typically sell for less. Put yourself in your buyer’s shoes, would you want to live in a small 1 bath house on a busy commercial street with a view of a recycling plant or the Federal prison?

What is your minimum loan amount?

Our minimum loan amount is usually $30,000.00. We occasionally fund smaller loans, however our minimum loan origination fee is $4,000.00.

Is an appraisal required? Will you accept my appraisal?

An appraisal is not required. We do not accept your appraisal.

We determine the after repaired value (ARV) of the subject property using a competitive market analysis or comparative market analysis (CMA). The CMA will use sold listings from the FMLS/GAMLS to determine the estimated after repaired value (ARV). The comps used in the CMA will be from similar properties in terms of size, age, condition, construction, etc. within a radius of 0.5 miles from the subject property that have sold within the previous 6 months.

Do you charge prepayment penalties?

No. Your loan may be paid at any time with not prepayment penalty. The faster you rehab a property and sell or refinance it, the more profit you make.

Do you lend money for repairs?

Yes we lend money for repairs provided the total loan amount does not exceed 65% of the after repaired value (ARV) of the property. Repair money will be held in escrow and will be released in draws as you complete the renovations on your property. We will not provide any draw advances. The borrower is responsible for paying their contractors and material men.

Do you provide proof of funds letters?

Yes, provided you have been pre-approved.

Can anyone live in the house during the course of the loan?

No, we only lend on non-owner occupied properties.

Do I need to have a property under contract before applying for a loan?

We can pre-approve you for our loan program prior to placing a property under contract.

Do you require a down payment?

Depending upon the buyer’s credit and financial strength, we can finance up to 95% of the total project cost (purchase, repairs/improvements, and closing costs) up to 65% of the after repaired value (ARV) of the property. Minimum borrower cash investment is 5% of the total project cost (minimum $5,000 down payment)

Can the points, closing costs, and interest be rolled into the loan?

No, the borrower must pay their own points and closing costs (i.e. seller paid closing costs are not permitted). Interest payments are made monthly beginning on the 1st day of each month.

Are there any upfront fees? Application fees? Inspection fees?

We do not require any upfront fees, application fees, or inspection fees prior to approving your loan. Once we have approved your loan, we will instruct our attorney (Harlan and Associates, LLC) to order a title search on the property. The borrower will be required to pay for the title search in advance.

Can we close with my attorney or do you require we close with your attorney?

All loans will be closed with our attorney (Harlan and Associates, LLC).

How much are the closing costs?

Closings costs tend to run about 7% of the loan amount.  Actual closings costs will vary depending upon purchase price, loan amount, prorated property taxes, hazard insurance coverage, etc.  You can estimate your closing costs using our closing cost estimator spreadsheet:

excel_icon Hard Money Loan Closing Cost Estimator

pdf_icon Hard Money Loan Closing Cost Estimator