Since the deregulation in 1980 “Hard Money” loans have been a accepted alternative to bank financing. With or competitors current rates from 9% to 14%, points ranging from 2% to 5% and most loans being short term bridge loans, it is obviously the last resort on any borrowers mind.
Over the years MortgageDepot has tried to close the gap from what hard money currently looks like to what we think hard money should look like. Well we are proud to announce that with the new expanded guidelines on our business purpose subprime product we have achieved our goal of fundamentally changing the hard money landscape forever! We are very excited to offer to residential and commercial property owners financing that is long term (no more pesky balloon payments), rates from 6.875 to 9.99 all at NO POINTS!
Gone are the days of waiting for private investors to potentially lend you money. Here are the days of truly institutionalized and usable hard money product. We highly encourage to reach out to one of our friendly mortgage loan originators here at MortgageDepot. Let our team of professionals educate you on how we can bring a cheaper long term financing alternative to our borrowers that either can’t qualify or don’t want to wait around to qualify for bank financing for their investment properties. CALL TODAY (800) 220-LOAN. Some bullet points on our new product is below.
- All loans are “NIS/NIV” NO INCOME STATED/ NO INCOME VERIFIED!
- UP TO 80% LTV
- Purchase and cash out transactions available.
- 100% gift funds acceptable!
- FAST CLOSING are an everyday occurrence. Typical closing times less than 2 weeks with ability to close in 4-5 days!
- SFR, Condos, Townhomes and 2-4 units.
- 5+units (multifamily), Mixed use, Office and Retail.
- 3/27, 5/25 and 7/23 products available.
- NO balloon payments ever! 30 year fully amortized loans!
- Easy to understand and simple underwriting guidelines!
- Rates from 5.99% to 9.99%
- No points!!!!!
- Buy down options available.