Hard Money Commercial Bridge Lending Criteria & Rates
2 Week Closings - Apply for a Hard Money Loan
* Loan Size
From $1,000,000 - most loans fund between $1 and $10 million
* Location
Urban and suburban US properties
* Collateral
Improved commercial and investment residential real estate (no raw land or construction/development projects)
WA & CA - residential owner occupied OK. Other states: OK only if held in a corporate entity and proceeds are used for business purposes
* Rates
From 9.99% - Most loans fund at prime + 4-5% plus a couple of points + broker points, if applicable
* Terms
1-3 years, interest only, no prepayment penalty
* Max LTV
65% LTV*
Purchase: Value is actual purchase price of the real estate* If borrower has down 30+% in cash, we'll "stretch" the LTV max
Refinance: Value is Avatar's opinion of the appraised value of real estate for refinances. We have our own review appraiser and principle travel to visit each property.
* Creative/Flexible
Blanket loans; points and fees wrapped into the loan; multiple income sources considered.
* Due Diligence
A deposit of about $5 - $6k is required before due diligence process is begun and is credited against the third party costs of underwriting: fair market value evaluation fee, inspections, site visit, legal costs, escrow, etc.
* Down Payment
The fee is due upon signing of the Letter of Intent and Term Sheet and cannot be wrapped into closing costs.
Sacramento commercial loans
contact Fred
Call 1-888-892-3496