Philly Hard Money Loans specializes in loans for: Fix & Flips, Single Family, Multifamily, Condo Conversions, Commercial, Office/Retail, Industrial, New Construction and Refinances.
Philly Hard Money Loans will lend up to 80-85% of Acquisition, 100% of Construction, and 70% ARV, determined by an independent third-party appraisal.
PHML will lend up to 70% of the AS-IS value for an Acquisition loan. PHML will lend up to 70% of the ARV for a Rehab loan. PHML will lend up to 50-60% of the AS-IS value for a Cash-out Refi.
Our terms are 12-months, Interest-only payments, with no prepayment penalties. Credit score does not determine loan approval. Our rates are determined by the risk of the deal. On average, Philly Hard Money Loans requires a 3 point Origination Fee and 12% interest on the loan amount.
For new construction, we require a 5 point Origination Fee and 13% interest on the loan amount. Our loans range from $50K to $5 million.