Address: P.O. Box 241, Alexandria, VA 22314
States They Lend In:
Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, Wyoming
Historically, the core business of USHM has been in making direct Hard Money real estate loans with a primary emphasis on land loans. Current market conditions have caused us to redirect our focus. While we still make land loans, they MUST have contracts in place and/or a viable exit strategy.
To qualify, loans must be placed in the Continental United States and not exceed 50% of the real property's LIQUIDATION value or purchase price or cost (LTV/LTC). The typical loan term is up to three years with no pre-payment penalty. Loans can range between $3mm to $100mm. Our 'sweet spot' loans are between $5mm to $10mm.
WE DO NOT FUND LOANS LESS THAN $3mm
Loan To Value (LTV/LTC) is typically calculated to be the lesser of the quick sale value or the purchase price. For example, if you are able to purchase a property with a market value of $12mm for $6mm, the lower value is used for underwriting purposes. In this example we could lend between $3mm-$5.4mm. But there are exceptions. If you don't have any money in the deal, your ability to get a Hard Money loan is slight.
Miguel Graveran says
I’m just starting out in Investing and contacted this person – I explained to them that I know a motivated seller and had a House that I was hoping to purchase for $308,000 that has about 50-60k in Equity. He asked me if I had any money to put down and I said that I didn’t and was hoping to find someone who could help me with this first deal – He said, Good Luck with that, No one is going to help someone who didn’t have any money, He asked me what was wrong with me, was very demeaning and rude. I have a feeling He is the type of person that Phil said “Would change the terms on the investor at the Last second while theyre at the table.” If I am succesful in this business – this is a person who I would never work with or ever recommend – it must be rough being a person who immediately burns their bridges with people. You never know who a person can become.
Even in the description it says “If you don’t have any money in the deal, your ability to get a Hard Money loan is slight.”