Specializing in California hard money loans I have a pretty good pulse on the products that are available these days. Recently we have gained access to a tremendous hard money apartment loan product that can bring rates in at the single digit level as well as fund up to 75% loan to value. With this combination of aggressive loan to value lending and excellent pricing with the interest rates this loan program has been very popular.
While hard money lending is typically not based on credit, this specific program does have loose credit requirements. Generally speaking we need a credit score of 650 or above - although there are always exceptions. These exceptions can be due to a lower loan to value ratio, an exceptional cash flow situation, great location or other mitigating factors.
In addition, not only can we help with funding on large apartment complexes under this program but we can also help with the smaller multi-family properties. Anything with 5 or more units can potentially fit under this program. Even duplexes, triplexes and 4-plexes will fit with a slight reduction to the loan to value ratio. Mixed use properties can also qualify if at least half of the units are residential.
These loans are typically going to be 30 year amortized loans that are due in anywhere from 3-8 years. We can assist with purchases, refinances and cash out situations. As the banks have continued to remain tight on their lending guidelines, this product offers an attractive alternative that can keep the costs in check, provide a longer term solution and improve the rate over many other hard money products on the market today.
For more information about our California hard money apartment loans, please call 877 462 3422. Typically we can give you a good idea of how we can help with just a ten minute conversation!
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