Hard Money Loan Program Details
Our hard money loan programs are designed to expedite the financing process, allowing you to capitalize on time-sensitive opportunities.
Loans Processed
$M+
Per Loan
$M+
Total Loan Volume
Our Loan Terms
- Mortgagee's title policy is required.
- Insurance policy is required on all loans for the term of the loan.
- Up to 75% of the After Repaired Value in Rental properties (excluding points and fees), not to exceed 100% of cost
- Up to 70% of the After Repaired Value on Flips (excluding renovation costs, points & fees), not to exceed 100% of cost.
- 6 month term
- 3-6 month optional extension (extension fees may apply)
Loan Fees
- Interest Rates starting at 11.99% (interest-only payments)
- As low as 1.99% origination (depends on deal and location)
- Appraisal Fee: $500 on average (varies by market and turnaround time needed)
- Loan Documents: Starting at $350
- Loan Admin Fee: $500
- Credit Report Fee: $80
Eligibility Criteria
- First Liens Only
- Our loans are made on the After-Repaired Value (ARV)
- Single-family, 2-4 unit, townhomes (no condominiums or manufactured homes).
- Appraisals must be ordered by Smarfunds and performed by a third-party appraiser.
Borrower Criteria
- Minimum Median Credit Score of 600
- Minimum of $15,000 or more in a Checking, Savings, IRA and/or 401(k) account
- No Recent Bankruptcy or Foreclosures (subject to review)
Insurance Guidelines
Borrower MUST provide a minimum 6-month insurance policy to be paid in full at closing. Borrower's insurance agent should provide a certificate of insurance or evidence of insurance, including invoice, to our processing department prior to closing.
- Insurance premiums are to be paid in full at closing. NO EXCEPTIONS.
- Replacement cost coverage is required.
- Dwelling only coverage must include vacancy and vandalism riders. A builder's risk policy is preferred for rehabs over $20,000.
- If a borrower has a blanket policy, the insurance agent must provide proof of insurance showing the addition of the new property and showing proof of in-force blanket policy.
- Order your insurance early! Delay in providing insurance coverage can delay the closing of your loan!
- The lender must be named as loss payee and additional insured.
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