Hard money loans are high risk for the Lender and generally with high rates, and closing cost, with typically 70% loan to value. Hard money loans are not credit score driven, and will allow sub-prime credit and lack of income. Bank loans are conventional in nature, with lower rates, longer terms, lower risk and more red tape.
For all aspects of commercial rehabilitation financing imoneyloan is the best in class source for construction, development, residential investment property and commercial building rehab. Whether you need fast financing for a residential house fix and flip or a large-scale development loan for a commercial real estate rehab project we have the private cash to get the job done. Up to 80% of the completed value or 75% LTC, All commercial properties, rates start at 8.99%. fast closing.
The term “hard money” is used in conjunction with a loan which is “hard to get” from a traditional lending source, such as a bank. The term also comes from the asset pledged as collateral in return for the loan. When you pledge the asset as collateral, the asset goes “hard” as collateral against the loan.
Hard money Loans and commercial loans 101 overview vedio:
What if I have poor credit or a past bankruptcy?
Because we are a hard money lender that focuses mainly on the equity in the property to secure the loan, we are able to look beyond borrower past circumstances. We will make every attempt to structure a hard money loan that works for you to ensure you get the funding you need at the best terms possible.