Hard Money Real Estate Loans FAQ Commercial & Residential Real Estate
1. Where can I find verifiable direct hard money real estate lenders?
You can talk to your real estate attorney a trusted referral source like your local bank, or you can find one online on the internet. Getting the right hard money lender to furnish the deal at a reasonable rate is the main criteria.
2. Can I get a cash out refinance hard money real estate loan for my investment property?
Absolutely, we are specialists at cash out refinance hard money real estate loans, If you need cash out refinancing to buy new properties, cash out for new business purposes (acting as a business loan) or for income tax reasons contact us for your next cash out refinance hard money scenario.
3. What are the best hard money lending rates you offer?
We offer a low interest bridge lending rate of 6.99% for qualified investors. All rates are subject to change, this is not a guarantee you will get get funded, but it is a real bridge loan rate we provide. The market is changing, local banks are starting to compete and our low hard money rates reflect the current market. We will continue to provide the most cost effective rates for our trusted investors.
4. I found a hard money real estate lender on Craigslist online offering unbelievable interest rates!
When you go online be aware of finding hard money lenders on forums, chat rooms and local classifieds. “All I have to do is pay a small pre-payment fee and I can get a killer private money low interest rate”. Any hard money lender asking for prepay fees outside of a basic appraisal is a red flag. Appraisals are needed in every type of financing, conventional, stated income, bridge funding, etc. Again, beware of who you are talking to in regard to pre-pay fees (we and any reputable lender does not charge any) If there is a specific scenario where some form of payment is involved, get your real estate attorney to look the whole thing over very carefully. Due diligence is paramount in any form of residential (investment non owner occupied homes) or commercial mortgage loans.
5. I don’t have a property under contract can I secure my financing first?
Pre-qualification in the traditional sense is really not practical in the private money sector as we are looking more at the collateral than the borrower’s qualifications. However, if you are close to purchasing a real estate investment and have the down payment or a property to collateralize with, please contact us to streamline the process.
6. I don’t have good credit can I still get a private hard money loan?
Most likely, yes. If the property has enough equity and/or cash flow bad credit is OK, and may be a non issue. We finance real estate loans that traditional banks turn down for numerous reasons including bad credit.
7. I don’t have good credit or a down payment, can I still get a loan?
We do not have any “no down payment” programs available. As per”investors must have some skin in the game”criteria.
8. Can I use an investment property as collateral for a residential or commercial rehab loan?
Yes we do have rehab programs that allow for cross-collateralization. Please use the contact form and submit your investment properties current ARV and the basic loan amount you want to borrow.
9. I am looking for low rate conventional mortgage financing as an exit strategy, can you also provide a low interest rate commercial real estate mortgage loan?
We do have a commercial division that offer very competitive commercial and apartment financing rates.
10. What do I need to do to get started.
Simple, contact us via email or call, if you have some documentation our underwriters can look at it may speed up the process. If you have looked all over the internet to get your “problem deal” financed contact us today.
Government Real Estate Financing Information
Federal Deposit Insurance Corporation (FDIC)
Federal Financial Institutions Examination Council (FFIEC)
Federal Reserve Board
National Credit Union Administration (NCUA)
Office of the Comptroller of the Currency (OCC)
Social Security Online
U.S. House of Representatives – House Committee on Financial Services
U.S. Securities and Exchange Commission
U.S. Senate Banking Committee
Mortgage Financing Information and News
Mortgage Bankers Association of America
Commercial Mortgage Securitization Association
Urban Land Institute
International Council of Shopping Centers
National Association of Industrial & Office Properties