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Private Hard Money Lending. 26711 Woodward Ave. Suite 301 Huntington Woods, MI 48070 www.Metro-Mi.com (248) 547-3006. “Your success is our success.” ~ Trent Dalrymple Director, Investor Relations – Metro Mortgage Investments. Metro-Mi.com. What is Hard Money?.

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private hard money lending
Private Hard Money Lending

26711 Woodward Ave.

Suite 301

Huntington Woods, MI 48070

www.Metro-Mi.com

(248) 547-3006

“Your success is our success.”

~ Trent Dalrymple

Director, Investor Relations – Metro Mortgage Investments

Metro-Mi.com

what is hard money
What is Hard Money?
  • A hard money loan is loan where a borrower receives funds secured by real estate. Hard money loans are typically issued at much higher interest rates than conventional loans.
  • Many hard money mortgages are made by private investors, generally in their local areas.

Source: http://en.wikipedia.org/wiki/Hard_money_loan

Metro-Mi.com

is it regulated
Is it Regulated?
  • Mortgage Brokers, Lenders, and Servicers Licensing Act – MCL 445.1651
  • Mortgage Loan Originator Licensing Act – MCL 493.131
  • Secondary Mortgage Loan Act – MCL 493.51
  • Consumer Financial Services Act – MCL 487.2051
  • Consumer Mortgage Protection Act – MCL 445.1631
  • Mortgage Lending Practices Act – MCL 445.1601
  • Regulation X – RESPA
  • Regulation Z – TILA
  • Regulation B – ECOA
  • Fair Credit Reporting Act
  • Various FTC Rules
    • Safeguard Rule
    • Red Flags Rule (ID Theft Prevention)
    • Risk-Based Pricing Rule

"Mortgage loan" means a loan secured by a first mortgage on real property located in this state and used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families or a land contract covering real property located in this state used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families.

Metro-Mi.com

why hard money
Why Hard Money?
  • Faster Process
  • Flexible
  • Lend using ARV
  • Leverage Equity
  • Higher Debt Ratio
  • Distressed Property

Metro-Mi.com

leveraged investing
Leveraged Investing

Your out of pocket costs:

$6,750 – Closing Costs

$2,500 – Property Tax Impound

$5,400 – Monthly Interest

$14,650

Return on Investment (ROI)

purchase rehab loans
Purchase-Rehab Loans
  • Borrow against the projected After Repair Value [ARV]
  • Purchase Price + Repair Costs
  • Setup Fund Control
  • Release as Repairs Completed

Metro-Mi.com

property requirements
Property Requirements
  • Brick
  • 3 Bedrooms +
  • Basement
  • Garage Required
  • Pride-of-Ownership

Neighborhood

Metro-Mi.com

appraisals
Appraisals
  • Specialized Appraisal
    • List of Required Repairs by Licensed Contractor
    • Predominant Sales
  • Company Approved Independent Licensed Appraiser
  • Desktop / Full Appraisals

Metro-Mi.com

borrower profile
Borrower Profile
  • Home Owner
  • Experience with Property
  • Ability to Repay
  • Credit History
    • NO Recent Foreclosures
    • NO Current Bankruptcy
    • NO Consistent Negative Issues

Metro-Mi.com

be prepared
Be Prepared
  • Appraisal
  • Loan Application
  • Credit Report
  • Income Documents
  • Title Commitment
  • Purchase Agreement

Metro-Mi.com

be prepared1
Be Prepared
  • Cash into Project
    • Minimum 10%
  • Realistic Exit Strategy
    • Extension Available
  • Property Taxes
    • Escrowed / Impounded
  • ACH Payments
    • Automatic Withdrawal

Metro-Mi.com

michigan programs fees
Michigan Programs & Fees
  • Real Estate Investor
    • Interest Only
  • Foreclosure Rescue
    • Homeowners
    • Amortized
  • Seller Holdback
    • Lien of Interest
  • Application Fee
  • Appraisal Fee
  • Interest Rates
    • 14% to 18%
  • Closing Costs
    • 6 to 10%
    • $3,000 (min)

Metro-Mi.com

the corporate team
The Corporate Team
  • David DiMeo, President & Broker
  • Over 15 years experience in providing privately funded mortgages
  • Business Development / Service Partner Agreements
  • Loans Programs / Underwriting Guidelines
  • NMLS# 171942
  • Trent Dalrymple, VP Investor Relations
  • Over 25 years experience as private mortgage professional
  • Loan Origination / Account Management
  • Training / Public Affairs
  • NMLS# 166179
  • Anne Pancost, Quality & Compliance Officer
  • Over 20 years experience in banking industry
  • Senior Internal Auditor / Certified Bank Auditor
  • Office Manager
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