Private money loans are a type of asset-based financing through which a borrower receives funds secured by a commercial property, generally at a higher interest rate. These loans are typically interest-only products and tend to be short-term solutions. Borrowers requiring private money often go this route because they do not qualify for traditional financing. Also, some clients may just need to close quickly – which private money loans are well know for.
Interest rates are usually higher than traditional commercial mortgage loans. Most noteworthy about Private Money Commercial loans is that they usually require less documentation. These types of loans are meant to close quickly and the paperwork required to do so is minimal
Spartan Commercial Mortgage Services offer several private money solutions to their borrowers on Investment Properties. Loan to Value will depend on the equity and condition of the real estate as well as credit history.
Click here to begin the online pre-approval or feel free to contact us today on the number below. We are more than happy to come out in meet you in person or begin the process over the phone. We look forward to working with you.
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572