Hard Money Loans

We have hard money loans for those who seek financing with a quick turnaround and generally desire a loan based soley on the equity in the property. Income documentation is not as critical for this type of loan, and most hard money lenders just want to see that the project has a cash flow and that it can service the mortgage debt. Debt Service ratios are not as critical with hard money lenders as they are with A-lenders. Lenders will typically charge interest rates varying from 9-15% depending on the type of property. Loan points also vary and may range from 2-5 points depending on the size of the loan and the amount of risk involved.
We have been involved in this type of financing for some time, and none of the lenders we work with will require a "commitment fee" upfront. We work with reputable hard money lenders who offer reasonable rates for a variety of property types. After reviewing an initial package, a small due diligience fee may be requested of you, if you decide to accept the lender's terms outlined in their "letter of interest". This fee would cover hard costs of the lender incurred in visiting the site, if necessary, and gathering value data and other pertinent data.