Hard Money Loan Example

From purchase, fix and flip to sale for this Single Family residence.


Purchase of a Single family home in a sought after South Tampa neighborhood
1,188 interior sq ft
Block construction
Year built 1953
3 bed 1 bath
Purchase price: $190,000


Appraisal ARV(after repair value) of $450,000
Escrow required to fix up: $100,000
Total hard money loan required: $290,000

5% down and closing costs:

Of the $290,000 total cost, borrower paid 5% cash at closing, $14,500 plus closing costs (around another 5%).

Escrow for repairs:

The closing title company held all of the $100,000 in escrow which was released as work was completed and confirmed by the appraiser at key stages.

Loan amount:

The lender offered a total loan of $290,000 - $14,500 = $275,500 which is 61% LTV.

Payment amount:

An interest only loan of $275,500 at 9% was $2,066.25 per month with a balloon of $275,500 due after 24 months.

Rented before work started:

When the property was purchased it was in good enough condition to rent out temporarily for 6 months while plans and permits were in progress. This reduced the holding costs for the borrower.

Full remodel which included:

  • Added an extra bathroom making it a 3 bed 2 bath
  • Converted the Florida Room into a new larger kitchen
  • Converted the garage to make a much larger master bedroom.
  • New roof with a focus on energy saving materials using SIP Panels which are highly insulated and rated to 200 mph wind. HERS score of 64 which is 36% more efficient than new build.
  • The sq ft was increased from 1,188 to 1,500.

Finished property

  • It took 6 months to obtain permits and complete plans. The build was finished in 5 months
  • The property was sold for $474,000

Finished Property after 5 month build. Completely renovated and energy efficient.

Tampa Bay Financing are Commercial Hard Money Mortgage Brokers working with select Private Hard Money Lenders in Tampa, Florida.

4532 West Kennedy Blvd
Unit 267
Tampa, FL 33609

© Tampa Bay Financing
Lender Spreadsheet
All you need for Mortgage Loan Origination, Accounting, Tracking and Management.

Advanced and easy-to-use for Lenders and Real Estate Investors. PRO version only $79.99 one-off charge NO renewal fees.

FREE Download

By continuing to browse or by clicking 'Accept' you agree to the storing of cookies on your device to enhance your site experience and for analytical purposes. To learn more about how we use cookies, please see our Cookies Policy and Privacy Policy.