It seems I spoke too soon about my latest hard money deal. The deal never happened. Les, the guy putting it together, was only willing to lend up to 70% LTV and the borrower wanted 80%. The property would still cashflow at 80% and it was still a good deal, but Les wanted the extra 10% cushion as security for his investors. The borrower didn't want to do that, so the deal has been canceled. On to the next one!