Hard Money Loans:

A Hard Money loan is typically a No Doc, asset-based loan financing in which a borrower receives funds secured solely by the value of the subject commercial of real estate, usually 50% to 65% of present market value..

Hard Money, or Bridge Loans, are short term solutions to a lack of funds, or funding, to accomplish business Goal 1 so you can get to Goal 2. Goal 2 is where the subject property can be either sold or financed more conventionally.

Hard/Bridge money loans fall into two present catagories:

• Over $1 Million dollars
• $200,000 to $1M

We do No Doc hard/Bridge Direct Lendinging at the $200,000 to $1M level and generally commit in 1 week and close in 3 to 4 weeks.

Info: needed:

• A brief Executive Summary of your proposed project, including your exit plan
• Personal Financial Statement of Owner(s)
• A credible statement of property value
• Digital pictures of the property

If your project and exit plan is acceptable, up front costs generally run about $3,000 for apprasial and environmental.

Expect 5 to 7 points to be charged and interest only of 12% to 14% and a term of ^ months to 18 months.

Requests over $1M are brokered to our proprietary prertner lenders. The same information is needed and comittments and closing times are similar.

Upfront closts will only be for travel, appraisals and environmental, although rates will be higher depending on the strength of the project and exit plan.

Rates for hard/bridge money loans are higher due to the risk involved, but if you have a credible property and project that makes good business sense, the process is easy and swift.


Call Arthur at 860-946-6637 or 800-381-9827 today!

 

---

Apply Now