Philly Hard Money Loans specializes in loans for: Fix & Flips, Single Family, Multifamily, Condo Conversions and Refinances.
PHML will fund up to 85% LTC and 70% ARV, determined by an independent third-party appraisal. PHML provides borrowers with up-front rehab draw releases before work is complete. Borrowers request their draw funds prior to completing the draw. Upon completion, the work is inspected by myself before the next draw funds are released. Please note that the final draw is released upon completion of the entire project.
PHML will lend up to 70% of the AS-IS value for an Acquisition loan and 50-60% on a Refinance. These loans are determined on a case by case basis.
Our terms are 12 months, interest-only payments, with no prepayment penalties. Our rates are determined by the risk of the deal. On average, PHML requires a 3-4% Origination Fee on the total loan amount at closing and an interest rate of 11-12% monthly. Total loan amounts of $200K or more will be charged interest on the disbursed funds only. Our loans range from $50K to $5 million.