We funded a $100,000 loan on December 22, 2025, and got paid back on April 1, 2026. Most investors diligencing a hard money fund get handed a pitch deck. They should be asking for a loan tape. Here is what one row of ours looks like.

The collateral

The asset was a three-bedroom single-family home in Lynchburg, Virginia. The borrower bought it for $105,000 with an after-repair value of $145,000. Our loan went out at 69% of the after-repair value. He was an experienced operator on a lower-priced deal — the kind of loan we want more of.

The structure

The loan was $100,000 on a 3-month, interest-only note at a 12% annual rate, secured in first-lien position. He paid 2 points at origination and a $700 origination fee.

We have total control over our capital. There is no warehouse line, no institutional overlord telling us what we can or cannot do. That let us drop the points to two and keep the term short — less cash out of the borrower's pocket up front, while we still hit the annualized yield we needed on our end. That same flexibility shows up again on the exit.

The income

Every dollar that came in on this loan, accounted for:

  • 2 points at origination: $2,000
  • Origination fee: $700
  • Interest at 12%, $33.33 per diem, from December 22 to March 22 (90 days): $3,000
  • Interest at 18%, $50 per diem, from March 23 to April 1 (10 days): $500

Gross income on the loan from origination through payoff: $6,200.

The exit

Scheduled maturity was March 22, 2026. The borrower paid us off on April 1 — ten days past. He refinanced into a permanent DSCR loan (long-term rental financing), which is the typical exit path for our hard money loans.

Rather than charge points to extend the loan, we let the higher rate run for the ten extra days. Extension points on a $100,000 note would have cost the borrower one to two thousand dollars; the higher per diem cost him five hundred. A much better outcome for someone who only needed a short window — and we still got paid for the time.

Annualized yield on $100,000 committed for 100 days: approximately 22.6%.

Why we publish these

We are not the only hard money lender. We may not be the loudest. But we are willing to show, loan by loan, what is in the book and how each one resolved.

The goal is not to find the most exciting loan. It is to make every loan look like this one.