Hard Money Loans
A hard money loan is mainly based on the value of the property as collateral and typically you can get a loan up to 85 percent of the subject property value in single-family and multifamily and 70 percent of the property value in land or commercial. If you are tight on schedule and looking for a quick loan process with minimum paperwork. Hard money loans are the way to go (almost the same as you are purchasing with cash). They have relatively high-interest rates and costly fees compared to conventional loans. Hard money loans do serve a purpose to those who need money fast.
Hard Money Loans range from $50,000 to millions of dollars. Terms vary but you can have very short terms up to three years with a variety of upfront costs and an interest rate that is typically higher than subprime rates.
Hard Money Lending Tips
- Look for the best possible interest rates
- Do your research on initial payment terms
If you have a commercial financing need, Our company has a program for you. Whether you desire to purchase, refinance, or construct a commercial building, we are your best source for financing.