Key Takeaways
- Sale exits take 60-120 days from completion; begin marketing 2-4 weeks before renovation finishes.
- Refinance exits require meeting seasoning requirements; start the application 60-90 days before hard money maturity.
- Competitive pricing saves more in carrying costs than the price reduction—model the trade-off.
- Extension provisions should be negotiated at origination; maturity without an exit triggers default.
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Test Your Knowledge
1.What are the two primary exit strategies for a hard money loan?
2.What should a borrower do if the hard money loan is approaching maturity and the exit is not ready?
3.When refinancing out of a hard money loan, what is the key timing consideration?