Do Hard Money
8846 S Redwood Road #C212
West Jordan, UT 84088
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About Do Hard Money
Do Hard Money is a hard money lender based in West Jordan, UT providing funding in 13 states throughout the United States. Their lending focus is primarily on fix-and-flip hard money loans. Their lending guidelines are flexible, including terms up to 5 months, loan amounts ranging from $70,000 to $250,000 with a maximum LTV of 70%, and rates ranging from 15%. Their lending guidelines do not include a minimum FICO rating. The focus of their lending is for single family units and multi family.
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Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: WA, TX, LA, WI, IL, IN, MI, OH, NJ, MD, VA, NC, GA
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Lending Guidelines for Do Hard Money
Below are the general loan guidelines published on the Do Hard Money website. Please confirm all terms and rates directly with the lender.
Fix and Flip Loans
Loan Amounts: $70,000 - $250,000
Available Rates: 15%
Typical Terms: 5 months
Points Charged: 5.5%
Max Loan-to-Value (LTV): 70%
Max Loan-to-Cost (LTC): 100%
Owner Occupied Allowed: NO
Interest Only Loans: N/A
Prepayment Penalties: NO
Minimum FICO Score: NO
Time to Close: N/A -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by Do Hard Money.
Loan Example 1
Do Hard Money issues a fix-and-flip loan to Ted for a rehab project in Houston, TX, on a house that costs $260,000. Because the lender agrees to a 60% loan to value, Ted will be required to put 40% down so the principle amount of the note will be $156,000. The interest rate on the note is 11% for a term of 18 months and the company requires a five point origination fee at closing. The interest payments are to be paid on a monthly basis and the principle will be repaid after the sale of the property.
In addition to paying the $7,800 origination fee, Ted will also have to fund $104,000 of the purchase with his own funds, or 40% of the purchase price. Once the deal is closed and Ted takes over the project, he will have to begin making payments each month of $1,430 to the lender ($156,000 principle x 11% / 12 months). If Ted meets his goal of a $312,000 total sales price when the loan term expires, he would pocket a total profit of $18,460 after repaying the principle on the note and subtracting the cash he contributed at closing, the origination fee, and the total interest payments.
Loan Example 2
Leanne locates a property in Houston, TX to rehab and re-sell. Because she does not have enough cash to buy the property outright, she takes a fix and flip loan from Do Hard Money with the following parameters:
$160,000 sales price
60% loan to value (LTV)
6 month term
8% rate of interest
3% origination feeLeanne intends to sell the property at the end of the term for $192,000. If she accomplishes her goal, the deal numbers would be the following:
$192,000 sales price
- $96,000 loan principle (60% LTV)
- $64,000 down payment (40% on 60% LTV)
- $2,880 origination points (3% of the $96,000 principle)
- $3,840 total interest paid (6 months x 8% interest)
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= $25,280 total profit (doesn't include taxes or renovation costs) -
by Don 02/22/2024
This company is one huge scam. They run con after con & continuously make false claims. The software is inaccurate and outdated. The support staff is useless and the management is a revolving door of new people. I wish we could get together and form a class action lawsuit against these con artists.
This company is one huge scam. They run con after con & continuously make false claims. The software is inaccurate and outdated. The support staff is useless and the management is a revolving door of new people. I wish we could get together and form a class action lawsuit against these con artists.by Notthebotyouwant 01/12/2023
Overall there were some frustrations, but if you have purchased property before there is simply no way around that. They have funding and are trying to guide you to properties that will work. The higher the risk on the property the more difficult of course. But they did fund the deal and have done a few since. It's really better to work with them to find a property than come with one already because the numbers may not work. Solid platform and people make the difference. You can get advantages and discounts on interest and origination points for each deal you do.
Overall there were some frustrations, but if you have purchased property before there is simply no way around that. They have funding and are trying to guide you to properties that will work. The higher the risk on the property the more difficult of course. But they did fund the deal and have done a few since. It's really better to work with them to find a property than come with one already because the numbers may not work. Solid platform and people make the difference. You can get advantages and discounts on interest and origination points for each deal you do.by Terri Lewis 11/18/2021
Even though we were flipping properties before joining DHM, we've learned even more from their online training. The first time we submitted for a loan, we were helped all the way through. Love their access to investors edge. We've been finding properties through there also. Great people to work with and very helpful. Sold that one and made over $100k. Much better than partnering on a hard money loan and sharing profits. Not that we don't still do that also. Every way we can fund a flip, is another acquisition, and more profit.
Even though we were flipping properties before joining DHM, we've learned even more from their online training. The first time we submitted for a loan, we were helped all the way through. Love their access to investors edge. We've been finding properties through there also. Great people to work with and very helpful. Sold that one and made over $100k. Much better than partnering on a hard money loan and sharing profits. Not that we don't still do that also. Every way we can fund a flip, is another acquisition, and more profit.by TrustinHIM1 08/03/2021
Stay away unless you have tons of money to waste of appraisals, fees, etc. and still not get a deal. I was led to believe that I was going to get financing. I should have known something wasn’t right when they made me pay the $695 fee upfront when it was supposed to be rolled into the loan.‘I had an ironclad deal and every agent that came out placed the value of the property high. They advertise 100% financing if the deal is good enough and that’s a LIE! My deal was almost as good as it gets with 165k profit potential.
Stay away unless you have tons of money to waste of appraisals, fees, etc. and still not get a deal. I was led to believe that I was going to get financing. I should have known something wasn’t right when they made me pay the $695 fee upfront when it was supposed to be rolled into the loan.‘I had an ironclad deal and every agent that came out placed the value of the property high. They advertise 100% financing if the deal is good enough and that’s a LIE! My deal was almost as good as it gets with 165k profit potential.by Scammed by DoHardMoney 03/25/2020
This company is a massive SCAM. I signed up for service that had a 3 day money back guarantee. They weren't able to host my onboarding call till day 4. On that day it was clear that this was a scam and any deal that I brought would require tens of thousands of dollars contrary to what I was told on the initial call. I requested my refund. I had zero response to my request that was made nearly a month ago. I followed up again yesterday and was told someone would call me. A rep called me today and basically told me too bad. This is a major scam that just prays on people to give you the $3000 with false promises of affordable loans. They have no intention of actually doing any deals just keeping your money.
This company is a massive SCAM. I signed up for service that had a 3 day money back guarantee. They weren't able to host my onboarding call till day 4. On that day it was clear that this was a scam and any deal that I brought would require tens of thousands of dollars contrary to what I was told on the initial call. I requested my refund. I had zero response to my request that was made nearly a month ago. I followed up again yesterday and was told someone would call me. A rep called me today and basically told me too bad. This is a major scam that just prays on people to give you the $3000 with false promises of affordable loans. They have no intention of actually doing any deals just keeping your money.by Nancy J. 03/20/2020
They make it very hard to complete a deal I had 4 different properties under contract and none of them were able to be financed under their program guidelines
They make it very hard to complete a deal I had 4 different properties under contract and none of them were able to be financed under their program guidelinesby Jeff 11/14/2018
the service I get from this company is always fantastic. Waiting to hear back on my loan, they have been great to work with
the service I get from this company is always fantastic. Waiting to hear back on my loan, they have been great to work withby mhapple 10/11/2018
They take money upfront and claim you can get it back. They say none of your deals make sense and keep your money. How bad is that when a company you don't want to work with keeps your money.
They take money upfront and claim you can get it back. They say none of your deals make sense and keep your money. How bad is that when a company you don't want to work with keeps your money.by Jeff 10/10/2018
Everytime I need to speak with them they get right back to me. Working on my first deal right now and hope to get my loan approved soon.
Everytime I need to speak with them they get right back to me. Working on my first deal right now and hope to get my loan approved soon.by Reeves 01/29/2018
I am currently working on getting my first loan with DHM. They have been so helpful!
I am currently working on getting my first loan with DHM. They have been so helpful!by Reeves 01/29/2018
I am currently working on getting my first loan with DHM. They have been so helpful!
I am currently working on getting my first loan with DHM. They have been so helpful!
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