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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 8% and 7 points, to higher terms, depending on the project.
NO PERSONAL GUARANTY LENDER FOR QUALIFIED LOANS!
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