Securing a hard money loan (investor construction loans) is vastly different—and in some cases easier—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 can 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. But, we have a program for new investors as well.
- 1–4 unit family properties
- 12–24 month terms
- Loans range from $100,000–$2.5 million
- Interest rates starting at 9.99%
- 70% ARV is available. This means that the borrower can finance up to 85% of the purchase and 100% of the rehab costs.
- No prepayment penalty
Benefits of our Program
When it comes to hard money loans (fix and flip 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 rehab loan is that the credit score requirements are much less than a conventional mortgage. 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 quickly.
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