Hard money loan is a loan which is offered to a borrower against the security of real estate which has to be provided to the lender as collateral. We can fund against any property type including but not limited to apartments, condominiums, multifamily, gas stations, farms, ranches, rural properties, non-income producing properties, car washes, marinas, casinos, hotels, restaurants, raw land, churches, motels, golf courses, resorts, mixed use properties, warehouses, office, retail(anchored/unanchored), self storage, strip malls, mobile home parks etc.
Borrowers credit and income is not an important criteria for these type of loans. Even the bad credit and no credit borrowers are welcome. The most important factor for landing this loan is the borrowers own equity in the property or the real estate. If there is sufficient equity in the property, this kind of loan is always possible.
We offer creative and flexible financing for all types of borrowers viz.individuals, trusts, corporations, LLC's, partnerhips, estates etc. and our private hard money lenders always have an "out of the box" thinking and approach for customising their Loan Programs as per our borrowers special requirements and circumstances.
The purpose of these loans could be refinance(with/without cashout), acquisition, entitlement, development, construction, rehabilitation etc.
Borrowers suffering from credit problems like past and present bankruptcies, foreclosures, tax liens etc. are also most welcome to approach us for funding.
Loan amounts : 1M USD-250M USD+
Interest Rates : 9-16%(for USA and Canada)
16%-21%(for other countries)
Term : 6 months-4 years
Closing : Within 10-14 business days after receiving all the completed documents from the borrower.
Loan amount within USA should be a minimum of 1M USD and outside USA should be above 3M USD.
There would be no prepayment penalty if the loan is paid after six months and we have interest only options available for all of our borrowers.
We need the following documents from our borrowers end to process their loan request promptly:
1. Executive summary(one or two paged)
2. Busines plan(along with five years future profit projections)
3. Exit strategy(repayment)
4. Last two years audited financials of the borrowing entity(if available)
5. Security(collateral) details
6. Source and use of funds statement
Please mention the borrowers experience in the business and his own equity in the project in the executive summary.