Currently we have sources of funding in a broker capacity for a variety of commercial and non-owner occupied residential property loans, including small balance mixed use, small balance commercial, and short term(12-18 month) hard money commercial financing.
On a case by case basis, we do have hard money programs available at extremely low loan to values on owenr occupied properties. These programs are not for those who simply are looking to purchase a property and have bad credit-they are for this with significant equity or down payment with issues qualifying for traditional financing.
Foreign Nationals may potentially purchase a property under this program.
Typically our hard money programs range from a 50-60% True Loan To Value, although there are programs we can offer up to 70% if the property is income producing and fully debt services. Our loan amounts range from 100k to 50 million, depending on the property and program.
The rates for these programs range from 11-16%, with 3-11 pts, depending on the transaction. Again, this is not a program for everyone, but only those with a specific need.
The main benefit of such short term financing is getting a closing done in as little as 10 days, getting the money you need, and setting one up for success when they get long term financing in the future.
Types of properties that are NOT of interest:
- white elephants
- raw land
For more information about property types, please see my contact information.
Michael Byrne
www.mortgageprosforum.com
908 531 6170
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