Hard Money Loans in Armada Township, MI
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Hard Money Loans in Armada Township
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Get listed hereWhat hard money loans usually includes
- Review of purchase contract, scope of work and rehab budget
- After-repair value estimate or appraisal
- Written term sheet showing points, term and extension options
- Draw schedule with inspection process
- Title insurance and insurance requirements
- Entity and guarantor documents review
- Payoff and extension terms explained before closing
What drives the cost of hard money loans in Armada Township
- Loan-to-cost and loan-to-ARV ratios
- Your experience and track record
- Points, draw fees and inspection fees
- Loan term and extension options
- Property condition and scope of rehab
- Credit and liquidity of the guarantor
- Speed of closing required
- The age of the home: the typical Armada Township home was built around 1977, so older materials, lead-safe rules and hidden damage can add time
Before you hire in Armada Township
Lead-safe work rules apply to most homes
The typical home in Armada Township was built around 1977. Painting, window, siding and remodeling work that disturbs paint in homes built before 1978 must follow the EPA lead-safe (RRP) rule. Ask any contractor for their RRP certification before work starts.
Pre-war construction
18% of homes predate 1940. Expect plaster walls, balloon framing and possible asbestos in old pipe wrap or floor tile; test before demolition with a licensed asbestos contractor.
Permits: check with the Armada Township building department before work starts.
How to compare hard money loans quotes
- Send the same deal to two or three lenders.
- Compare total cost: rate, points, draw fees and extension fees.
- Ask how quickly draws are inspected and funded.
- Confirm there is no penalty for early payoff, or what it is.
- Ask for references from Detroit investors the lender has funded.
Other mortgage lender services in Armada Township
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Hard Money Loans in Armada Township: FAQ
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