Securing a hard money loan is vastly different—and more efficient—than the process required to obtain a conventional bank mortgage. First off, there is considerably less paperwork as a hard money loan only requires a few key documents. After you locate the ideal investment property, you will consult with us and complete our streamlined online application. Our loan officer and underwriter will then walk through the deal with you step-by-step and explain the appraisal process should your deal qualify for financing. Next, our team will generate a term sheet that clearly specifies all of the loan’s terms so there will never be any surprise charges. The loan then proceeds to the closing process, after which you will receive your loan and be ready to start diversifying your investment portfolio.
Investor Construction Loans Overview
- Designed for seasoned investors with a proven track record
- 1–4 unit family properties
- 12–24 month terms
- Loans range from $250,000–$2.5 million
- Interest rates starting at 9.99%
- ARV is up to 60% of construction. In some cases this can mean up to 80% or 90% financing
- No prepayment penalty
Benefits of our Program
When it comes to hard money loans, the overall amount is determined by the combined value of the existing structure and lot along with the anticipated repair and construction expenses. An added advantage of a hard money construction loan is that there is no minimum credit score to be approved for funding. All experienced real estate investors realize just how important a quick closing process can be when it comes to getting a loan. Real estate investing is a competitive niche and prime deals are snapped up quickly. At Spartan Commercial Mortgage, our closing timeline is expedient and hassle-free, allowing our clients to get their financing in a matter of days so they can get a leg up on the competition.
For a free consultation please click here or contact us at the number or email below. We specialize in Investor construction loans and are waiting to hear from you!
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572