We don't use it to cover routine maintenance and repair. 

the reason for this I am sure is that the deals took that long to actually fund.. you can't charge the borrower before the loans have closed.  30 to 45 days to fund and close a deal I would think would be typical.. 90 days for the more complicated one's I would think would be reasonable as well.AS a HML we routinely funded the deals with our money.. so the borrower got great service. then back filled it with either bank LOC or with investors.. either one investor one note or in CA were you are allowed to fractionalize Deeds of Trust we would just cobble them in as we got them.. but it was transparent to the borrower.In this case you have all these investor putting money in and having to wait for the escrow to close..

Every time we get some bad news on a deal and sometimes even just a routine slowdown for stips etc., he's ready to hit the wall.

I have to applogozie for my puppeteer routine....I should have also stated that I am an experienced mortgage broker, been in the industry for 8 years, the last 2 specializing in investment loans.I could give you the names of over 25 people that have successfully closed rehab loans based upon the after repaired value with no verification of income or assets.

At a minimum, it should start raise eyebrows that there are no set standards of effectiveness...no lessons learned that have been captured...from the thousands of existing HOAs that can be quite powerful in an individual's ability to own and use land.It's more of a curiousity.

Yet if you just go back to your normal routine no RE education investment is going to pay off.You have to do something with what you are buying.John Corey

Even if you manage the property yourself you should still include the 10% in your calculations unless you are routinely in the habit of working for free.

We also have a residential division and routinely handle small to medium commercial and industrial transactions.

A license is required if you broker hard money loans on owner occupied property.FYI - we routinely work with brokers that send us hard money deals in the Atlanta area.

The tenants will almost always perjure themselves (which is completely routine and accepted in court proceedings, which is a big joke).