Hard Money Loans
Overview
Hard money is a privately funded loan for the purchase or refinance of real estate. Hard money loans are "bridge loans". They 'bridge the gap' between the time funding is required and profitability, sale of the property, or the securing of a conventional (bank) mortgage.
Hard money is an excellent option when conventional bank financing is too slow, credit scores are low or a project has risks that conventional lenders do not wish to assume.
When Conventional Lending just is not an option, or the borrower’s credit is less than perfect, Hard Money Lenders or Private Lenders can fill the void and become the outlet needed to pull a deal together.
Hard Money Lending is different than banks and traditional lenders. We represent privately funded lenders. Because of our lender’s funding, our lenders can close difficult loans quicker than most other lenders would take the time to tell you no. These loans include credit-impaired borrowers, new borrowers to the country and non-cash flow producing properties.
Why would you utilize hard money lender?
The property to be purchased might be presently vacant and in need of repairs. It may be older property in a failing neighborhood which has the potential for revitalization. It may be a foreclosure and can be purchased on a short sale. Or you may just need a quick closing to secure a property before you find an investor/rehabber to which you want to sell the property. Or you may want to purchase a run down piece of property, rehab the property, and refinance it for rental income. In all these cases, you would need a hard money loan because conventional financing is just not an option or it would take too long to secure. "Hard Money" is just a cost of doing business and an effective method of doing business as a real estate investor.
We base our loans on the value of the property and the future ability of the property to support payments. We realize that hard money
loans or bridge loans are often a temporary solution that opens doors for a more permanent financial solution or exit strategy.
Program Details
Borrowers
• Individuals, Corporations, LLC's, Partnerships, Trusts, Estates, etc.
• Non-credit score driven
• No income verification
• Bankruptcy/Foreclosure Ok
Primary emphasis is on quality & character of underlying collateral and on careful consideration of benefits created and exit strategy.
Properties
• Commercial real estate properties
• Multi Family Buildings
• Special purpose properties and land considered on case by case basis
• Mixed-Use, Office, Apartment, Retail, Light Industrial, rehabilitation work dependant on the final appraised value, and other considered including land to be developed
• Non-cash flow producing properties okay
Parameters
• Unlimited cash out for any reason
• Borrow against properties listed for sale or currently in default
Portfolio Lender
• Creative approaches to Equity Based Lending
• In-house common sense underwriting
• Quick turn-around without the headaches of traditional lenders
Loan Specifics
• Loan Amounts: from $100,00 to $2,500,000. Larger amounts are considered on case by case basis
• Loan to Value: Max 65%
• Interest rates: Start at prime + 5%
• Points: start at 2
• Loan Term: from 6 months to 3 years
• Loan Term: Flexible amortization and interest only
• Loan Types: non conforming loans, fast funding hard money loans, bridge loans and commercial loans.
• Lien Position: Generally first
• Prepay: Flexible
Contact us at Georgia office at 877-211-3835 to learn more about the offered programs or send us a e-mail at info@bibcapital.com.
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