"Hard Money" loans or "Equity Loans", as they are sometimes called, refer to non-conventional real estate loans. They are usually funded by private money sources and investors--not banks, pension funds, etc. Interest rates and points on such loans are usually higher than traditional loans. RDC normally writes its loans for 6 months, and requires that the collateral have sufficient equity to support the loan. Individual borrowers are approved on a case-by-case basis.

Upon receipt of a complete document package, we can generally provide a decision within 48 hours.

Depending on the circumstances, such as status of title work, appraisal, and survey, it normally takes 7-14 business days to close a loan.

RDC can pre-approve you for our loan program, prior to your finding the right investment property. Our process is two-fold: first we approve the applicant, then we approve the investment property you are interested in financing.

We write 6 month loans and may extend the loans for up to 12 months at our discretion, depending on the status of the loan and the property. The real estate investor's objective when using a hard money loan should be to quickly process the deal and pay off the loan. This can occur through a sale of the underlying property or by refinancing it. Either way, an investor's success will rely largely on his/her ability to quickly perform on a project and pay off the loan. Since RDC does not impose prepayment penalties, you may pay off part or all of the loan at any time without penalty.

If it has been less than 6 months since you were approved for a loan with us, we do not require another loan application. Periodically, however, we will ask you to update your financial information for our records.

This depends on the appraised value of the property vs. your purchase price. We do require you to complete a detailed, itemized repair list of the repair work. A draw schedule identifies the order in which the repairs should be made. After a certain percentage of the repairs have been completed and verified, the available monies are funded from your loan account and forwarded to you.

Each draw request will require an inspection, to ensure that the work is completed in a thorough and professional manner. After completing a certain percentage of the required work, you will fill out a "Draw Request Form" and forward this to RDC. We will schedule an inspection of the property. Provided that the inspection supports the release of funds, we will wire transfer the funds or issue a check as appropriate.

Yes, you should always get a survey whenever you purchase a piece of property, in order to protect your investment.

The interest rate charged will vary depending on the property, your credit score, and other factors.

RDC can loan up to 70% LTV on rehab properties and 75% LTV on new construction projects.