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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


www.facebook.com/metromi

www.metro-mi.com


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