|Loan Program||Buy & Hold|
|Loan Term||12 months|
|Extension Fees||1% for 3 month|
|Min Credit Score||600|
|Roll Points into Loan||Yes, .5pt Premium|
|Payments Due||Monthly IO|
|3rd Party Servicing Fee||$15/mo|
|Draw Request Fee||$200|
Buy and Hold Hard Money Loans
A private money or hard money loan is a short-term loan secured by the property itself and used by investors to purchase and repair a property before it is refinanced. Real Estate Investors typically use “buy and hold” hard money loans to purchase, rehab, and then refinance the property. These loans are ideal for financing properties in poor condition that a bank typically would not approve.
Our Private money loans have lower qualifications and require significantly less paperwork for approval compared to banks. Many times when purchasing wholesale properties the investor needs to receive funds quickly. Most of our Freedom Money customers receive funding within 2 weeks. Freedom Private Money and its underwriting guidelines care more about the property and its potential after repair value (ARV) than about the borrower’s background as the loan is guaranteed by the property. However a higher credit score will earn you a lower interest rate.
Freedom Private Money is a hard money lender that helps experienced flippers and landlords finance investment projects. We currently provide loan programs in most major cities in Texas and Colorado.