Buy, Fix and Sell.

Purchase and renovate an investment property with a loan from SpeedLending. Pay interest every month and pay back the principal when you sell it.

Loan Terms, Fees and Eligibility Criteria

  • Typical Terms

    Minimum loan amount: $100,000.

    Maximum loan amount: $300,000.

    Interest rate: 10% to 14%.

    Maturity: 6, 9 and 12 months.

    Loan-to-value ratio (LTV): 60% to 70%.

    Loan basis: After repairs value (ARV).

  • Fees By Us

    Origination Fee: 3% to 5%, minimum $3,500.

    Application fee: None.

    Underwriting fee: $250.

    Processing fee: $450.

    Extension fee: 1%, minimum $1,000.

    Prepayment fee: None.

  • Fees By Others

    Appraisal: Usually $450.

    Draw inspection: Usually $170.

    Insurance: Per insurer.

    Document preparation: Per attorney.

    Title insurance: Per title company.

    Miscellaneous closing costs: Per title company.

  • Property Eligibility

    Must be free of any liens.

    Must be located in Houston.

    Must be single family, 2-4 unit, or townhome.

    Cannot be a condominium or manufactured home.

    Must be non-owner occupied.

    Must be for investment purposes.

  • Borrower Eligibility

    Minimum Credit Score: 600.

    Minimum of $15,000 in interest reserves.

    LLCs welcomed

    Foreign nationals welcomed

    No bankruptcies in previous 24 months.

    No foreclosures in previous 24 months.

  • Insurance Requirements

    Minimum replacement cost coverage

    Must contain dwelling with vacancy & vandalism riders.

    Must add builder's risk if rehab is over $20,000.

    Must be for a minimum of six months.

    Must be fully paid at (or before) closing.

    Lender must be named as additionally insured.

Frequently Asked Questions

  • If you are applying from scratch with a property under contract, or if you have been approved and you are submitting a property, the process takes 7 to 14 days.

    If you are a returning client and your property is located in an area with enough comps, and depending on the scope of renovations, we can waive the appraisal and save time and money. Our record is 4 days.

  • No. We check credit scores during the underwriting process and we oftentimes waive this requirement for returning clients.

  • SpeedLending does not charge any upfront fees during the pre-approval and approval process, such as an application fee. However, you are responsible for the appraisal and document preparation fee, even if the deal busts at closing.

  • Hard money lenders typically charge a higher interest rate because they're assuming more risk than a traditional lender would. Our rates are actually very competitive.

    What’s the most important thing for you, the interest you pay or the money you make? One of the things we do different is we analyze your deal and give you a comprehensive report with all your closing costs, holding costs, financing costs and selling costs. You can see how much you can make in months 2, 3, 4, 5, 6, and so on, even with our loan.

  • Most of our clients achieve higher returns and accelerated capital growth with our Hard Money Loans. We understand that every deal is unique, which is why we carefully analyze the properties you bring to us. If the flip aligns with our criteria, we move forward. If we can't assist you, we'll let you know so you're not delayed. With SpeedLending you have an extra pair of eyes to help you make informed decisions.

  • You will work with a loan manager and use a secure online link that has everything you need. Our typical loan file will look like this:

    Upload Personal information:

    • Driver license

    • Tax returns (2 years)

    • Proof of funds (min. $15,000)

    • Company documents

    Upload Deal information:

    • Property pictures or HAR report

    • One to Four Family Residential Contract

    • Renovation budget (Any format)

    Sign electronically:

    • Loan Proposal

    • Third Party Appraisal Disclosure

    • Permanent Financing Disclosure

    • Borrower's Certification And Authorization

    • Borrower Signature Authorization

    • Write Title Company Contact Information

    Documents we will upload:

    • Appraisal or comps*

    • Proof of Insurance

    • Property tax statement

    • Underwriting documents

    • Closing documents

    * We waive appraisals and do comps on a deal-by-deal basis for repeat clients.

  • Yes. We may be able to save you time and money by doing a comparable sales analysis instead of an appraisal. We usually do this with repeat clients on a project-by-project basis.

  • Credit is not an issue, but having a plan on how you will repay the loan is required, and it should make sense. Our funding criteria is based on equity in the property, not credit.

  • Citizenship is not an issue. We look at the feasibility of your project and your ability to repay the loan.

  • Most of our clients use LLCs, and it is our preferred lending standard. It can be a brand new LLC new or an established LLC. If you need help establishing your LLC, don’t hesitate to contact us, we may be able to refer you to trusted attorneys.