What is the term of the loan?
We write 6- 12 month interest only loans. We charge three to five (3-5) points at closing and an additional two (2) points renewal fee is paid to the lender for one ninety (90) day extension period (at Lender’s sole discretion).
The average life of a hard money rehab loan is 190 days. The purpose of a hard money rehab loan is to either turn the property quickly or have it rehabbed and refinanced with a conventional lender.
Carolina Hard Money does not have any prepayment penalties; you may prepay the loan anytime you wish prior to the term of the loan.