Hard Money Basics
After the Closing: Managing Your Hard Money Loan
No jargon and no sales pitch. This is how we explain it at the Averlend desk, with the math that matters.
Hard Money Basics
The short version, then the substance.
Key Takeaways
- Month one
- The middle months
- The exit window
Month one. Payments start, the project starts, and the clock starts. Set up the payment on autopay, schedule your first draw inspection if you have a rehab budget, and put the maturity date somewhere you will see it weekly.
The middle months. Communicate. Lenders are partners in the outcome, and the borrowers who flag problems early get solutions. Silent borrowers get default letters. A two-minute call about a delay beats a surprise every time.
The exit window. Start the exit at month six on a 12 month note. List the property or open the refinance file with time to spare, because appraisals, buyers, and underwriters all move slower than you want. Maturity day should be a formality, not a cliff.
The South Texas angle. Averlend underwrites this every week in San Antonio and across Bexar County. If you are working a deal in Alamo Heights or anywhere else in the metro, the theory above comes with a local desk attached: see our San Antonio lending page or send the deal directly.
Questions
Quick answers from the Averlend desk.
The Averlend Promise
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Send the collateral, the numbers, and the exit. An Averlend rep will reach out ASAP, same business day.