Will my deal qualify for Hard Money Lenders Austin?
There are many different types of commercial hard money lenders Austin programs for businesses and investors. The following can be used as general guidelines for determining whether your deal would be appropriate for a hard money. Even if your deal doesn’t match exactly to these guidelines, feel free to apply anyway. My hard money team will let you know if your deal makes sense for one of our many hard money lenders:
- Loans are usually up to 65% to 75% Loan-to-value (LTV)
- Minimum loan amount $250,000.00 dollars
- 100% of acquisition/construction can be financed no problem
- Both investment residential and commercial properties are OK
- Low credit scores? No income? That’s OK too
- We welcome foreclosure/bank REO properties
- Interest only and “no payment” options are available
- Terms from 3 months to 36 months
- We can handle cash-out refinances of land or existing structures
Does loan amount size matter in Hard Money Lenders Austin?
Yes. Many lenders will not finance if the loan amount falls below $10,000,000.00 and some minimum requirement is $3,000,000.00. Well good news! We have commercial hard money loan amount products that go down to $250,000.00 dollars.
What do underwriters want to know in order to approve the loan?
The underwriter wants to know how you are going to make the monthly payment or if there is enough to build in a reserve. Also your “exit strategy” is very important. I suggest you have two ways you can pay off your loan to make the loan appealing to the underwriter.
What are the Rates?
Rates typically for commercial hard money lenders Austin range from 5.5% to 12%. The rate will depend on:
- Property type
- Term Length of the loan
- Your credit
- Loan to value
- Loan amount
- Etc.
How long are the terms of the loan?
The note terms are when the loan will be due in either 3 months, 6 months, 12 months, 24 months or 36 months.
How long does it take close a Commercial Hard Money Lenders Austin?
Some of our programs do not require a formal appraisal. If the loan does not require a formal appraisal, we rely on our internal appraisers to determine the value. If the loan does require an appraisal, we might be able to accept an old appraisal or a new appraisal will be ordered. We can close your commercial hard money loan in 10 to 30 days.
Commercial Capital LTD Difference
Although we are based near Austin Texas, we can assist anyone in the United States. If you have any questions about your deal or commercial hard money in general, feel free to call Commercial Capital LTD today at (512) 358-1511. You may also click here to fill out the form to get started today.
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