Hard-money sizing is usually a dual cap: how much of the project cost a source will advance, and how much of the after-repair value they will stay under. The calculator uses both.
LTC — loan to cost
Project cost is purchase plus rehab (or a single all-in number). LTC is loan ÷ project cost. A higher LTC means less cash in for the work. Educational chips on this site illustrate 75–90%. That is not GI policy and not a quote.
LTARV — loan to after-repair value
LTARV is loan ÷ ARV. It keeps the advance from outrunning the finished value. Educational chips illustrate 65–75%. Enter ARV before you bid. If you leave it off, only the LTC cap applies — and that is a weaker worksheet.
The dual-cap loan
min(project cost × LTC, ARV × LTARV) — LTC only if ARV is omitted
Whichever number is smaller binds. Cash to close on the worksheet is the equity gap (project cost minus loan) plus points. Monthly carry is interest-only: loan × annual rate ÷ 12.
Term and points
Educational chips use 6–18 months and 1–4 points. Edit them. They are assumptions, not a rate sheet.
What this is not
These ranges are not a program matrix, a GI quote, or a commitment to lend. Capital sources set their own overlays. Broker, not a lender. Business Purpose / No Owner Occupied.