Residential Hard Money loans are based on the After Repaired Value (ARV) of the property and include funds for both purchase and rehab.
- *Interest Rates starting at 10.99% (interest-only payments)
- **As low as 1.99% origination (depends on deal and location)
- Appraisal Fee: $500 on average (varies by market and turnaround time needed)
- Loan Documents: Starting at $350.00
- Loan Admin Fee: $650
- Credit Report Fee: $80 ($120 for Joint)
- Flood Certificate Fee: $15
- Monthly Servicing Fee: $15
* 10.99% interest is reserved for our Longhorn Loyalty Program for borrowers who have successfully paid off three deals with Longhorn Investments and are in good standing.
** 1.99% is reserved for our Longhorn Loyalty Program for borrowers who have successfully paid off three deals with Longhorn Investments and are in good standing.
- A mortgagee’s title policy is required.
- An insurance policy is required on all loans for the term of the loan.
- Up to 75% of the After Repaired Value in Rental properties (excluding points and fees), not to exceed 100% of cost *Proof of Refinance Required
- Up to 70% of the After Repaired Value on Flips (excluding points & fees), not to exceed 100% of cost.
- 6 month term
- 3 month optional extension (extension fees may apply)
- Minimum Credit Score of 600
- Minimum of $15,000 or more in a Checking, Savings, IRA and/or 401(k) account
- No Recent Bankruptcy or Foreclosures (subject to review by Longhorn)
- First Liens Only
- Single-family, 2-4 unit, townhomes (no condominiums or manufactured homes).
- Our loans are made on the After-Repaired Value (ARV)
- Appraisals must be ordered by Longhorn and performed by a third-party appraiser.
- Properties should be located in or around suburban and/or major metropolitan areas: Dallas, Fort Worth, Houston, Austin, San Antonio, El Paso, St. Louis, Kansas City, Indianapolis, Charlotte, Greensboro/Winston-Salem, Raleigh/Durham, Nashville, Chattanooga, Knoxville, Huntsville, and Birmingham etc…
- Longhorn reserves the right to adjust advance rate requirements as deemed necessary.
- All appraisals will be based on After-Repaired Value (ARV)
- Appraisals will only be ordered by Longhorn Investments
Borrower MUST provide a minimum 6-month insurance policy to be paid in full at closing. Borrower's insurance agent should provide a certificate of insurance or evidence of insurance, including invoice, to our processing department prior to closing.
- Insurance premiums are to be paid in full at closing. NO EXCEPTIONS.
- Dwelling only coverage must include vacancy and vandalism riders. A builder's risk policy is preferred for rehabs over $20,000.
- If a borrower has a blanket policy, the insurance agent must provide proof of insurance showing the addition of the new property and showing proof of in-force blanket policy.
- Replacement cost coverage is required.
- The lender must be named as loss payee and additional insured.
Order your insurance early! Delay in providing insurance coverage can delay the closing of your loan!
