Hard money lends on the plan. The exit lends on the property.
A fix-and-flip or bridge loan funds the purchase and the rehab against the plan: on the top experience tier a fix-and-flip loan reaches 93% of total cost and 75% of the after-repair value, with the rehab budget funded in full. The exit loan does not look at the plan. A DSCR lender sizes the permanent loan on the appraisal that comes back after the work and on the rent the property earns, and reaches 85% of that value on a rate-and-term payoff or 75% when cash comes out at closing. The gap between what hard money advanced and what the exit will refinance is the number every investor should know before the first contractor is paid.
Three things decide the exit: the appraised value after the work, the rent against the new payment (a coverage ratio of 1.00 qualifies on the standard lane; 1.25 is strong), and the credit score on the day of the application. Hard money accepts a 620 score with conditions below 660; the standard DSCR lane also starts at 620, and the short-term-rental and no-ratio lanes at 640. An investor who spent the rehab budget on value that never materialized, or who let the score slip during the project, finds the exit short of the payoff. Lendmire runs that math early, while there is still time to change it.
Pick the exit that fits the property.
The permanent loan follows what the property does now: a long-term rental, a rental with the rehab money coming back out, or a short-term rental or a thin-coverage file on its own lane.
Rate-and-Term Payoff
The new loan pays off the hard money note and the closing costs, up to 85% of the appraised value, qualified on the rent with a coverage ratio of 1.00 or better and a 620 score. No employment or tax-return review; title can be held in an LLC.
View Program →Payoff Plus the Rehab Money Back
The refinance pays off the note and returns the capital that went into the project, up to 75% of the appraised value, with 6 months of reserves on a cash-out. The lane investors use to go buy the next one.
View Program →Short-Term Rentals and Thin Coverage
A short-term rental exits on its own lane at 70% rate-and-term and 70% cash-out with a 640 score, documented by a twelve-month rental history or a market data report. A property whose coverage does not reach 1.00 can use the no-ratio lane: 70% rate-and-term, 65% cash-out, 640.
View Program →What makes an exit close.
We take the panicked call. We would rather take it early.
First-time investors are the ones the clock catches: the hard money lender approved the score and funded the rehab, the project ran long, and the permanent lender wants a higher score, a finished appraisal and a coverage ratio the rent has to carry. Lendmire sizes the exit before the note is due, on the appraised value and the rent, and tells you in writing what the payoff covers and what it does not.
We place the exit with multiple wholesale DSCR lenders across 41 markets, so the file lands on the lane that fits it: the standard rate-and-term payoff, the cash-out that returns the rehab capital, the short-term-rental lane, or the no-ratio lane for a property whose coverage is still thin. An investor who calls while the work is finishing has choices. An investor who calls after the maturity notice has fewer.
Know before you borrow.
Exit scenarios, the leverage gap, the credit-score trap and the appraisal math, from our licensed loan officers.
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Hard Money Lenders Tomball
A hard money loan is short-term financing secured by the property itself, not by the borrower’s income history.
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Hard Money Dallas
Hard money in Dallas works the same way it works in Denver, Tampa, or anywhere else — the loan is underwritten against the property, not the borrower’s
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Hard Money Loan Based Upon Appraised Value
Hard Money Loan Based Upon Appraised Value: what investors need to know about DSCR financing — eligibility, coverage, and loan structure, from Lendmire.
Tools to move from reading to action.
Mortgage calculator
Run the numbers on a refinance — including principal, interest, taxes, and insurance on the new loan.
Calculate Tool TwoGet a quote
Start a scenario review in under 30 seconds. A Lendmire loan officer follows up with the options in writing.
Start Tool ThreeCompare the three exits
See whether a rate-and-term payoff, a cash-out that returns the rehab capital, or the short-term-rental lane fits the property you are finishing.
CompareKnow what the exit covers before the note is due.
In about 30 seconds you can start a scenario review for the property: the appraised value, the rent and the payoff, and the lane that fits. No commitment required.
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