Hard Money Loans for Commercial Properties
MortgageDepot is committed to helping you meet your financial and investment goals by providing you with a full range of lending solutions for all of your needs. While many lenders offer traditional financing programs for straightforward loan requests and for borrowers with a great credit rating, not all borrowers and properties qualify for conventional financing solutions.
MortgageDepot is a New York based mortgage broker that offers competitive terms on hard money commercial loans, and these may be ideally suited for your needs when conventional loan programs are not the right answer.
Property Types That Qualify for Our Hard Money Program
There are specific property types that are eligible for use with this program, and this includes mixed use, multifamily, warehouse and retail. The program is also ideal for rehabilitation and construction projects. These may be properties that have a unique story to them, such as low historical occupancy. Borrowers may have a troubled credit history. In some cases, both the borrower and the property have a story, and this loan program will provide you with the flexible underwriting that you need to achieve your real estate objectives.
Competitive Loan Terms
T$he hard money loan program for commercial properties is available in loan amounts from 50,000 to $2 million. We can finance up to 65 percent loan-to-value, and we can also take the second position with some loan requests. Interest rates for our hard loans start at 12 percent. There is a three-year term, and these is no prepayment penalty after the first six months. With this program, two points will be charged at closing.
If you have had trouble qualifying for a conventional loan due to challenges with the property or with your own income or credit rating, MortgageDepot may have the solution that you are looking for. Conventional financing may be ideal for some loan requests, but when it is not suited for your loan request, a hard commercial loan may be a better option. These loans often require creative, outside-the-box thinking, and this is what our loan program is most well-suited for.
When you call our office to learn more about the loan program, we will take time to learn more about your unique loan request.
*This product is not regulated by the New York State Department of Financial Services