This is an overview of our Commercial Hard Money Loan program offered at Spartan Commercial Mortgage Services. Commercial Hard money loans are a type of asset-based financing through which a borrower receives funds secured by a commercial property. This is generally at a higher interest rate than conventional loans. These loans are typically interest-only products and tend to be short-term solutions.
Some borrowers requiring a hard money loan often have experienced a distressed financial situation, such as a bankruptcy or foreclosure, which has damaged their credit. Interest rates are usually at least 10 percent and can often be higher.
In contrast, some borrowers seeking a Commercial Hard Money Lender have a perfect credit history. So then, why do these borrowers seek a Hard Money Lender? It is simple. Some real estate investors do not mind paying a bit more in the interest rate in order close quickly on a property. Furthermore they often do not want the hassle of conventional underwriting.
At Spartan Commercial Mortgage Services we offer several hard money solutions to borrowers for their Investment Properties. We offer Fix and Flip Loans, Fix and Hold Loans, Stated Income, and a True Hard Money Product. The Hard Money Product offered can either be interest only or amortized over 25 years. Interest rates will vary depending on the property type and loan to value.
During the pandemic, the majority of our hard money closings have been in the 65% loan to value range with rates in the 8s.
The pre-approval process is easy and we will work with you every step of way. Call us today for a free consultation.
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572