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Refinance Loans
Commercial hard money loans may be used as a temporary solution to obtain a refinance for a commercial or investment property. This type of refinance is often done in a situation where quick, available funding can help to make a deal work, to stop foreclosure, avoid or pay off a bankruptcy, pay off taxes, improve or add on to an existing property, or to get cash out for almost any reason at all.
LOAN AMOUNT: $500,000 and up.
BORROWER: Owner/developer with track record.
LOAN TERM: 1 to 3 years, interest only.
PREPAYMENTS: Loans may be prepaid at any time, after a possible lockout period, most with no prepayment penalties.
INTEREST RATE: Rates start at 12%. Interest is paid monthly on the amount drawn based on the disbursement schedule.
COLLATERAL: First mortgage on land, existing structures, and future structures.
LTV RATIO: Up to 75% of the as-is value and up to 100% of development costs.
USE OF LOAN: Proceeds may be used for construction costs, real estate acquisition and related costs.
ITEMS NEEDED: Completed loan application, title report, appraisal, project overview, proposed building plans, cost projection for disbursement schedule, exit and re-payment plan, proof of funds for purchase of land and occasionally some other financials.
FEES: Varies from project to project
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