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Hard Money Loans
A Hard Money Loan is usually for a shorter term and can finance either acquisition, tenant improvements, etc., with up to 70% financing generally at a higher cost of points and interest rate. Loans may close more quickly since property value is of primary interest to the Hard Money lender.
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Hard Money Loan Considerations:
Determine Hard Money lender’s requirements and provide the specific documentation.
Hard Money Lenders have their own underwriting procedure.
Know your property and its stage of development and compliance with regulations.
Bankruptcies, foreclosures and other problems are common for Hard Money loans.
Interest only with rates from 9% and 5 points, to higher terms, depending on the project.
NO PERSONAL GUARANTY LENDER FOR QUALIFIED LOANS!
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