Our hard money lending program is the most competitive in the Texas hard money loans market today.
| Investmark | Competitor 1 | Competitor 2 | Competitor 3 | |
|---|---|---|---|---|
| Loan To Value (LTV) | Up to 70% | Up to 70% | Up to 70% | Up to 70% |
| Term | Up to 18 Months | 6 Months | 6 Months | 6 Months |
| Admin Fee | $0 | $395 | $500 | $500 |
| Underwriting Fee | $0 | $999 | $0 | $350 |
| Legal Fee | $0 | $250 | $475 | $0 |
| Extension Fee After 6 Months | $0 | 2% After 6 Months | 1% After 6 Months | 1% After 6 Months |
| Processing Fee | $625* | $0 | $495 | $270 |
| Points | 3% | 2.5% | 3% | 4% |
| Rate | 11.99% - 13.99% | 11.99% | 14% | 13.99% |
| Inspection/Draw Fee | $150 | $250 | $125 | Unknown |
| Total Costs (for 90 Days) | $6,708* | $7,141 | $7,970 | $8,618 |
| Your Costs Compared to I.M. | 6.5% More | 19% More | 28% More |
*Our processing fee includes a free credit report summary and free flood certificate if one is required. The Total Cost calculation is based on the fact that our competitors do charge interest on the total note amount, increasing the borrower’s costs. The $6,708* is calculated at 13.99% interest, illustrating our costs are less expensive than the competition, even at the higher rate. However, we offer 11.99% calculated on the full note amount if that makes sense for your loan.
The above matrix is based on actual data taken from our competitive analysis with our top 3 competitors. There are other competitor programs not listed here that offer lower interest rates, but after you include all of their fees, the loan costs are significantly higher than Investmark Mortgage. The terms and fees listed here represent actual data taken from settlement statements, loan docs, and/or information received directly from borrowers. We are committed to updating this as the market changes and as we receive new information. The cost calculations below represent a loan amount of $100,000 with 20% allocated for repairs. Investmark Mortgage does not charge interest on the repair holdback until borrowed on any loan at 13.99%.
Closing costs are a function of the title company and are not included here. Additionally there will be hazard insurance, which is based on the provider you select. Fees we do not collect that are part of the loan include an appraisal fee of $400 paid directly to the appraiser, a survey (only if required) of around $375, and flood certificate of around $20. Competitor costs for appraisals and surveys are about the same. All loans on properties being purchased for rental have a maximum LTV of 75%. Loans for flips have a maximum LTV of 70%. We split our fee 1% up front and 2% upon payoff. This allows our clients to bring less money to the purchase closing and potentially roll in the additional amount if refinancing, or roll it into their payoff upon sale. Investmark Mortgage does not charge any legal fees on any loan where title to the property is in a personal name. If you take title to the property in your company name, there would be a legal fee of around $500 from our attorney to verify the loan documents and make sure that the company is in good standing.