Hard Money Loans in Salt Lake City, UT
Loan-size math and qualifying analysis for Hard money financing on Salt Lake City's $580k median home value. Strong fit.
Strong fit for Salt Lake City.
Salt Lake City has active flip + wholesale activity (flip fit 83/100, wholesale fit 99/100) — hard-money makes sense for the velocity these strategies require.
Payment on Salt Lake City's $580k median.
| Median home value (Salt Lake City) | $580,126 |
| Assumed LTV | 85% |
| Loan amount | $493,107 |
| Cash to close (down payment) | $87,019 |
| Assumed rate | 11.00% |
| Term | 6-18 mo, interest-only |
| Monthly P&I | $4,520/mo |
Hard money financing — the mechanics.
Short-term (6-18 month) loans underwritten primarily on the property's after-repair value and the borrower's flip/project experience. Interest-only payments during the term; balloon at maturity (paid off by sale or refinance).
Lender requires: 600+ FICO typical (some go lower), 10-20% cash to close, proof of reserves equal to 6 months of carry, project plan + scope of work. Funding in 7-14 days standard.
How Utah law affects this loan.
Utah foreclosure timeline: non-judicial, ~120 days. See full Hard money in Utah breakdown.
Frequently asked.
What's the typical Hard money loan size for a property in Salt Lake City?
On Salt Lake City's $580k median home value, a Hard money loan at the standard 85% LTV would be approximately $493k, requiring $87k down.
What's the monthly payment on a typical Hard money loan in Salt Lake City?
Interest-only payment on a $493k Hard money loan at the typical rate of 11.00% would be approximately $5k/month, excluding taxes and insurance.
Is Salt Lake City a good market for Hard money financing?
Salt Lake City has active flip + wholesale activity (flip fit 83/100, wholesale fit 99/100) — hard-money makes sense for the velocity these strategies require.
What credit and reserves do Hard money lenders require for Salt Lake City properties?
Lender requires: 600+ FICO typical (some go lower), 10-20% cash to close, proof of reserves equal to 6 months of carry, project plan + scope of work. Funding in 7-14 days standard.
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