Loan features          Rehab Loans         Hard Money Loans              Permanent Financing    Type of Property           1 to 10 units                 Any type including raw land            Any income producing                                                                                               Loan Size                      25k to 1MM                 $250k to $50MM                                $100k to $10MM Collateral                       Senior Mortgage          Senior Mortgage                                Senior Mortgage Loan to Value               Up to 75% of ARV       50% Land 70% Property                  75% to 97% Rates                             13 to15%                       11 to 13%                                           Starting at 6.5% Funding Fees               4 to 7                             2 to 5                                                    Some programs Credit Score                  >640                              Any                                                      >640 Liquidity Needs/            1/3 of Rehab               15-35% Varies by                               3-25% Cash injection               or 20% of project         project Closing time                  Two weeks                  Two weeks                                          30-45 days Terms                           6 to13 months              1 to 3 years                                          15, 20 and 30 years                         No pmts for 6                6 to 12 month int.                                                           months                           reserves Prepayments               No                                  No                                                         Some programs