11/18/2023

Hard Loans

 




Local Money. Local Projects.


 

Hello !

Have a deal that doesn't quite qualify yet

For Conv, Govie or Non-QM?

Let us close your loan in the meantime.


Bridge, hard money, temporary fix, rehab

Short-term, hard money with No Pre-Pay! 

Refi's. Cash Out. Bridge Purchase.

We can help!

1sts and 2nds

Loans $30k to $5MM+

See our details below.

 

Just closed this $2.45M bridge in Malibu!

 

 

 

 

 Hard Money Loan Products:

 

It's our fund so we can customize any loan, but generally here's what we do.


(and we do awesome deals nationwide in major metros like CA, UT, CO, AZ, HI and Coastal FL, or like a ski resort SFR, or to a high profile borrower (like a sports star or high profile person)).

 

General Loan info (every deal customizable):

·     $30k to $5MM+ loan size

·     12 - 18 month short term notes (10.875% to 11.875%+ rates)

·     No Min FICO. No income.

·     1sts AND STAND ALONE 2nds!

·     Cash outs up to 65% LTV & CLTV (1st and 2nds).

·     Purchases up to 75% LTV.

·     Property Types

·     1 - 4 unit residential, multifamily bridge

·     $1M to $5M commercial: Multi-Family, mid-sized retail centers and office buildings.

·     No Specialty Properties: We do not like anything auto, cannabis, assisted living, no hospitality like hotels, no special purpose properties like restaurants, churches, schools, or strip clubs. 

·     Land: we don't do much land, but when we do, it needs to be a very clear exit (like they have a contract already with the buyer who will buy within a year, or they have a bulletproof loan commitment from a take out lender that would pay us off, or they have other completed properties they can cross that we like, or it's the last lot in a higher end residential neighborhood. 

·     Bailout Loans: Non-Owner Occ & Primary/Owner-Occ Consumer Bailouts (OO in CA only): Forbearance & Foreclosure Fix (& Other Cash Out Fixes) Loans

·     Fix/flip - rehab deals up to 70% Loan To Cost (30% of purchase and 30% of budget out of pocket), no greater than 70% of the ARV

 

 

MORE DETAILS

 

Bridge Loans (purchase and refi)

·     $30k to $5MM loans

·     10.875%+ Rates. 1.5+ points. 12 month note. I/O payments. No Prepays.

·     65% max cash out. 70% LTV usual max purchase.

·     Owner Occupied (OO in CA only) 

·     OO Consumer Bridge - cross existing home and home they are purchasing to get a 100% Cash Offer Purchase Loan (Buy before you sell).

·     OO Foreclosure & Forbearance Bailout/Fix (& Other Fixes) Loan

 

2nds 

·     $30k to $1MM+ loans

·     12%+ Rates . 2+ points (prob min origination of $3.5k on small deals). 12 month note. I/O payments. No Prepays.

·     65% max CLTV.

·     NOO and Owner Occupied (OO in CA only) 

 

Commercial Loans 

·     5+ unit multi-family is the main commercial product. We'd do value add construction loans, cash out and purchase on those. 

·     $1MM to $5MM

·     10.875%+ Rates. 1.5+ points. 12 month note. I/O payments. No Prepays.

·     Purchase/Rehab/Construction/Cash-Out OK

·     65% LTV max rate/term - purchase

·     55% LTV max cash out·    On Retail Centers, Office Buildings, Light Industrial we'll do cash out and purchase but no major construction or rehab.

·     We don't do specialty properties: no churches, no schools, nothing related to auto, so self-storage, no strip clubs, no cannabis.

 

 

Our 3 Owner Occupied Loans

·     HELOC for consumer loans:  needs income to qualify. no min fico. and needs Section 32 high cost class

·     Used when more than 25% of the funds are for consumer purpose (personal debt payoff including mortgages used for primary residence like in a foreclosure or forbearance bailout loan),

·     Need income to qualify for ability to pay (45% DTI) JUST subject ITI payment (we do not count any payments on credit at all, just the i/o and taxes and insurance for subject). VERY flexible on income documentation. 

·     10 year line with 12 month teaser, then i/o adjusts to note plus prime years 2-5, then 6-10 year is PI and note rate + prime.

·     BUSINESS PURPOSE LOAN on primary residence: no income, no min fico. 75% funds used for business purpose. 12 month note. 

·     I just need to document with a certified letter from the borrower that all moneys (including debt being paid off) is for business purpose. A business purpose loan on a primary does not have to qualify, but 75% of the funds have to be for business purposes. so doesn't usually work as a new first cause that existing first is usually a consumer loan, so that would make it more than 25% consumer purpose. so usually do business purpose 2nd so 75% of more of the funds for business purpose, confirmed with signed LOE, no steering. No income qualify. NEEDS SECT 32 (High Cost Class). 12 month note.

·     CONSUMER BRIDGE: no income needed, no min fico.11 month note, and 3 day rescissions and Section 32 high cost class.

·     They own their current residence and buy the next home before they sell the current one, one loan crossed by both properties, up to 100% of purchase plus all costs. 11 month note, no income, no min fico. 

·     have TRID rescission periods. 

 

Fast-Close, Make Sense Financing, without Rigid Guidelines

 


Short term real estate loans

To solve problems and capture opportunity


Save our info!