Hard Money Real Estate Loan, five day close

Financial Compound closed on a $6 million home purchase in belair.  Five business day close from signing of term sheet. 65% of cost, 7.90% rate, interest only, 12 month term, 1 point lender fee, no prepay penalty.

Hard money loans can make a lot of sense for deal sizes less than $10 million and terms less than 3 years. You pay more in interest but you save the closing costs. No legal fee, appraisal, engineering, non consol opinions, etc. Deals can cost about 50,000 to $75,000 in closing costs and you don't pay any of this with my hard money buddies. And it's way, wat easier. You need a loan? Bada Bing, loan docs at escrow within a couple of days. Let my well oiled team set y'all up. We found the soft money, as I call it. Hard money but softer.