Philly Hard Money Loans specializes in Fix & Flip Loans for Single Family, Multifamily, and Condo Conversions. We also fund New Construction deals and offer Refinancing options to investors.
PHML will fund up to 90% LTC and 70% ARV, based on an independent third-party appraisal. PHML provides rehab funds to borrowers through a draw process. Borrowers complete a portion of the rehab based on their provided Scope of Work, and are reimbursed after a simple walkthrough inspection is approved.
Our loan terms are 12 months (extension options available), with interest-only payments, and no prepayment penalties. Our Interest Rate starts at 10% and is determined by the risk of the deal, the experience and knowledge of the borrower in real estate investing, development, building, and/or contracting, as well as the borrower’s available capital for the deal. Our loans range from $50K to $5 million.