Welcome to Frequently Asked Questions

We do not require any monthly payments for the initial term of the loan if applicable. After the initial term, the forbearance/extension fee of 1% will be charged based on the loan balance in addition to an interest payment for 30 days worth of interest on the previous accrued interest.

 

We send to the property independent evaluators. These evaluators look at Active Properties (properties that are currently for sale). They also look at Sold Properties in the area. We are looking back no more than 6 months in the area. We like to stay within a 1 mile radius. We basically look at the lowest active and the lowest sold that is in AVERAGE fixed up condition. What is average condition? Average condition varies depending on the area. In one area granite countertops may be average in other areas laminate and that would be considered average for the area. We then take the lower of the Active or Sold that meets these criteria. We find that the majority of investors think the property is worth more than it really is. Make sure you are looking at comparables on your own, get second opinions, and don`t take the values given to you by the seller or by the seller`s agent. Do your due diligence about the price and what the home is really worth. The $550 evaluation fee has to be paid at the time of application. That is why you don`t submit a deal until you have a fully executed contract. We are using a nationwide independent evaluators/estimator in the local are where the property is located to do the evaluations. We send out the evaluators/estimators to review the property, take interior/exterior photos, make and comment about rehab work and the estimates for that work. They will then complete our internal form we require. The evaluators/estimators have to be paid for their work and that is what the $550 is for. You will have some minimal closing costs to pay at the time of closing but we will add the points on top of the loan amount. You will notice there are no monthly payments required during the initial term and if you are buying the property right then you will not necessarily have to put any money down either. Down payment is not required unless the values are lower than what we are able to loan and then you can bring the difference between what we are able to lend and what you are buying it for to get the loan closed.   You can view our other fees in our Residential Loan Fees section & We keep this up to date so as to make sure we are consistent at all times.

 

Great question. The $550 evaluation fee has to be paid at the time of application. That is why you don`t submit a deal until you have a fully executed contract. We are using a nationwide independent evaluators/estimators in the local area where the property is located to do the evaluations. We send out the evaluators/estimators to review the property, take interior/exterior photos, make and comment about rehab work and the estimates for that work. They will then complete our internal form we require. The evaluators/estimators have to be paid for their work and that is what the $550 is for. You will have some minimal closing costs to pay at the time of closing but we will add the points on top of the loan amount. You will notice there are no monthly payments required during the initial term and if you are buying the property right then you will not necessarily have to put any money down either. Down payment is not required unless the values are lower than what we are able to loan and then you can bring the difference between what we are able to lend and what you are buying it for to get the loan closed.   You can view our other fees in our Residential Loan Fees section. We keep this up to date so as to make sure we are consistent at all times.

 

All of our products can be found on our web site under Residential Loan Fees. We are not like the traditional hard money lender that changes points and fees depending on how they feel that day. Our points and fees are standard and set; all of this is published on our web site. We want you as a real estate investor to be able to depend and rely on our rates, terms, and points charged on loans. Our web site is always up to date. In fact we have two full time web developers that ensure our web site is always delivering the easiest and best ways of doing business for our real estate investors. You may also want to visit www.dohardmoney.tv and review the informational videos that are provided. This can help you get a property under contract, and other educational products. Once you have a property under contract then complete in full the online application which includes an electronic signature and date. You will need to email a copy of the fully executed purchase contract. Upon receipt we will charge your credit card $550 to cover the evaluation fee from the independent 3rd party company we use on a nationwide basis to do the evaluations. We look forward to working with you.

 

We lend using the After Repaired Value of the property. We take what the property will be worth after it is fixed up as determined by independent evaluations.   Single Family Detached. 70% maximum of After Repair Value - includes the rehab funds as established by the independent evaluators (see Profit Analysis based on ARV under Terms, Fee and LTV tab) 70% maximum** of As Is (if no repair work is being done to the home) - See Profit Analysis based on ARV under Terms, Fee and LTV tab   Attached Single Family (ie:  condo, townhome, rowhome, loft) 60% maximum of After Repair Value - includes the rehab funds as established by the independent evaluators (see Profit Analysis based on ARV under Terms, Fee and LTV tab) 60% maximum** of As Is (if no repair work is being done to the home) - See Profit Analysis based on ARV under Terms, Fee and LTV tab **If the property is a condo, Townhome, Twinhome, Rowhome or Loft we require that all active and sold comparables are within the same complex.   We are frequently asked how we determine After Repaired Value. It is very simple. We look at the lowest comparable that is fixed up in good condition in the immediate area that is sold, and we also look at the lowest active in the immediate area that is in good condition. We then use the lower of these two. Basically Solds tell the history and Actives show the future.

 

We lend using the After Repaired Value of the property. We take what the property will be worth after it is fixed up as determined by independent evaluations.   Single Family Detached. 70% maximum of After Repair Value - includes the rehab funds as established by the independent evaluators (see Profit Analysis based on ARV under Terms, Fee and LTV tab) 70% maximum** of As Is (if no repair work is being done to the home) - See Profit Analysis based on ARV under Terms, Fee and LTV tab   Attached Single Family (ie:  condo, townhome, rowhome, loft) 60% maximum of After Repair Value - includes the rehab funds as established by the independent evaluators (see Profit Analysis based on ARV under Terms, Fee and LTV tab) 55% maximum** of As Is (if no repair work is being done to the home) - See Profit Analysis based on ARV under Terms, Fee and LTV tab **If the property is a condo, Townhome, Twinhome, Rowhome or Loft we require that all active and sold comparables are within the same complex.   We are frequently asked how we determine After Repaired Value. It is very simple. We look at the lowest comparable that is fixed up in good condition in the immediate area that is sold, and we also look at the lowest active in the immediate area that is in good condition. We then use the lower of these two. Basically Solds tell the history and Actives show the future.

 

Do you currently have a property under contract? If you have the property under contract you will want to submit a loan application by going to www.dohardmoney.com. Also if you have a property under contract you can call us at 800-284-0076 you will select option 7. This will connect you with a Portfolio Manger that can help you out. If you do not have a property under contract and have questions, due to the time sensitivity of our business it is nearly impossible to answer all questions over the phone. We do want to provide first class customer service so we have established a FAQ section on our web site that can answer all your questions. In fact if your question is not answered you can submit it and we will give you a $100 Wal-Mart Rebate Card. Or you can email us directly at info@dohardmoney.com Happy Investing

 

We know how busy real estate investors are. We have set up our company to be tailored to the needs of real estate investors. You can get a Proof of Funds letter any time day or night. Just go to our web site and you can download the letter. Every time you request a letter it updates our computer system as to the property address and amounts so if the seller calls us we can find your details even if we have never spoken on the phone. You don`t have to call us until you have a property under contract. Everything we do is on our web site, our loan terms, what we charge, what we will lend on and what we won`t and even getting a proof of funds. There is no need to contact our office via phone UNTIL you have a property under contract. Even then the first step will be to submit your application online. You can see there is no better hard money lender set up for real estate investors.

 

Put your seat belt on this is going to be a little more complicated of an answer. Most hard money lenders get funding from banks. Therefore the banks that are funding the hard money lenders require traditional guidelines, credit, income, job history. Although the qualification may be loosened due to the lower loan to value the requirement is still there. At DoHardMoney.com we do not have any bank financing. All of our financing is private and we get to make our own underwriting guidelines rather than having to fit into the box that the bank makes. Again Banks don`t have a clue of the needs of real estate investors.

 

We are real hard money lenders. We are concerned about the value of the property more than the borrower. We look at how much you can sell the property for after repaired rather than your income. Banks look at your income and you as the primary factor in lending money and give very little thought to the property as long as the value is what you are buying the home for. We look at the how much of a discount you are buying the home for as your primary measurement. Income verification is not needed to get a loan with Do Hard Money