HMP FINANCING TERM SHEET
HMP LOAN TERMS
HMP charges 12.99% & 3 points (points = 3% of the overall loan value).
Payments are interest only for up to 12 months with a balloon payment.
HMP has a 3-month minimum interest pre-payment penalty.
HMP LOAN PARAMETERS
HMP will bring up to 80% of the purchase price
HMP will bring 100% of the construction budget.
HMP’s max loan to value is 65% of the After Repair Value (ARV)
WHAT YOU NEED TO KNOW
When you bring HMP a deal, you’ll need to know these 3 things:
- Purchase price or offer price you want to make
- The construction budget
- What the ARV will be after you complete the construction.
MONEY YOU’LL BRING TO CLOSE
Also know that you’ll most likely be bringing 25-30% of the money needed to complete the project. This will cover:
- Your 20% down payment*
- Your lender points
- Your title company fees and closing costs
*100% financing available on low LTV refinances.