Hard Money Lending question.

[Michael Randle]

Hello BP, I want to run a scenario by everyone too see if I grasping the fundamentals of Hard Money Lending. My understanding is that HML can be ~70% LTV and can be used for improvements and repairs. Let's say I find a house for 10k. It needs 60k of work due to fire damage. Neighborhood dictates market value of 100k for comparable houses. If I bring the numbers and written quotes from qualified GC to a HML could I get a loan for 70k based on after repair market value of the house and the neighborhood? I kind of want to stay away from the question of rehabilitation of a fire damaged home and want to focus on the theory of my idea and if it would work in the real world. Thanks!