Are you searching for a commercial real estate loan option with high LTV for hard money? If so, this loan program could be the answer to your financing needs.
Requirements For The New Bridge/Rehab Program
Fico: 500+. Yes, the lender goes down to 500!
Loan Terms: 12 months, interest only
Loan Size: $75K to $1 Million
Max LTC: Lender will finance up to 90% of the purchase price of the property and 100% of the construction (done in draws).
Interest Rate: 7-12%; Interest rate gets determined based on the investor’s experience.
Property Types: This loan is for only 1-4 unit investment properties. Acceptable properties include Single Family Homes, 2-units, 3-units, 4-units, condominiums, and townhomes.
Pre-Payment Penalty: None!
Use of Funds: Purchase, Refinance, Cash-Out Refinance, and Rehab
Asset Verification: Dependent on borrowers experience. 1-3 months of bank statements.
Points: Loan cannot have more than 4 points associated with it (that is a combined 4 points from the broker and lender!)
Lending Territory: CT, CO, FL, GA, IL, MD, MI, MO, OH, PA, SC, TN, TX, VA, WA & WV.
Closing Time Frame: 15 days. The lender typically just orders a desktop BPO which costs $299 and does not always do a full appraisal. For these reasons, this is how we’re able to close so quickly.
Special: NO JUNK FEES!
If you – and the property you’re considering – meet all of these requirements, a high LTV for hard money loan could be right for you. All you need to do to start the application process is click on the link below and fill in all of the required fields. We’ll be in touch regarding the status of your loan within 24-48 hours.