Commercial Real Estate Hard Money Loan. Great Rates! Fast Close!!
Hard Money Loan Application
A hard money loan is a way for you to borrow money for real estate without using traditional mortgage lenders. Instead, the funds come from individuals or investors who lend money based primarily on the property you’re using as collateral.
Traditional mortgage loans require proof that you can comfortably repay the debt. Lenders often review your credit scores and any income available to evaluate your creditworthiness. If you have plenty of income, savings, or can get another collateralized loan you might not need to worry.
However, the process becomes more challenging if you have a low credit score, an income source that is difficult to verify to your lender’s satisfaction, or a high debt-to-income ratio.
Hard money loans are generally short-term loans, lasting from one to three years. You use them as a quick way to get money for a purchase. However, you wouldn’t want to keep one of these loans for an extended period because interest rates for hard money are typically relatively high. For instance, the average interest rate for hard money loans in 2020 was 11.25%
Banks also have a list of issues that will raise a red flag and prevent them from even considering lending to a borrower such as recent foreclosures, short sales, loan modifications, and bankruptcies. Bad credit is another factor that will prevent a bank from lending to a borrower. Most banks will not lend to a borrower who already has 4 mortgages even if the borrower’s credit is perfect with no other issues.
CambridgeHomeLoan.com takes an active part in helping our customers achieve their long term goals. Fast closings and refinancing into better rates when it matters. Feel free to contact us with your loan scenario at 800-826-5077.
Fix and Flip or Fix To Rent Loans can be closed in just 5-7 days. If you would like to prepare for your first deal contact us for a soft quote and our due diligence check list.
From your first investment real estate loan to putting together a portfolio loan for all of your investment properties, CambridgeHomeLoan.com is the resource that can help you from the very beginning of your investment career.
CambridgeHomeLoan.com can manage all of your real estate loans from ground up construction, spec houses to fix and flip and fix to rent home loans. When you want to get your price and close in just a few days to easy rehab draws that can help you get your project done on time and in budget. Give us a call today with your project outline and we can give you the possibilities.
Melbourne Beach is a town in Brevard County, Florida. The population was 3,101 at the 2010 United States Census. It is part of the Palm Bay–Melbourne–Titusville Metropolitan Statistical Area.
Located in Florida’s Brevard County, Melbourne is a regional economic powerhouse that’s home to a number of high-tech companies, many of which proved products and services to NASA and its subsidiaries along the ‘Space Coast.’
At the time of the last census, Melbourne had nearly 80,000 residents. In stark contrast to its reputation as a tech hub, the city’s historic downtown area is full of quaintness and smalltown charm that is largely missing in other cities of similar size.
Melbourne is unique in that parts of it are on the mainland, and another portion is on a nearby barrier island across the Indian River.
Below are 6 things to do in and around Melbourne, Florida.
We are serving all of Melbourne Beach zip codes including 32951
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