Hard Money Loans.
Traditional bank loans v.s. Hard Money loans
Traditional bank loans are dependent on a multitude of documentation factors, including the borrower’s income, credit, tax returns, etc. They require minimum credit scores (700 or above), and can take months to close.
NOT HARD MONEY LOANS
Conversely, a commercial hard money loan relies solely on existing hard assets (real estate). As such, there are no credit score requirements and loan decisions happen much more quickly. Though higher risk means a higher interest rate, commercial hard money loans can be highly beneficial for nontraditional investment opportunities.
PRAISE FUNDING has access to private hard money and workout loans to owners of commercial properties throughout the United States, including:
Usual Loan Terms:
New* Revolving Business Lines of Credit (Cards)
Traditional bank loans are dependent on a multitude of documentation factors, including the borrower’s income, credit, tax returns, etc. They require minimum credit scores (700 or above), and can take months to close.
NOT HARD MONEY LOANS
Conversely, a commercial hard money loan relies solely on existing hard assets (real estate). As such, there are no credit score requirements and loan decisions happen much more quickly. Though higher risk means a higher interest rate, commercial hard money loans can be highly beneficial for nontraditional investment opportunities.
PRAISE FUNDING has access to private hard money and workout loans to owners of commercial properties throughout the United States, including:
- Five family units and higher
- Retail properties
- Industrial properties
- Non-owner occupied 1-4 family properties in a corporate or LLC name
- Decisions are fast. No board authorizations.
- We require no financials. As an “asset-based” program, decisions are based on the “value of the asset”. No time wasted gathering financials.
- Approval rates are much higher because decisions are based on the value of the asset, “not credit-driven!”
- Better rates for short-term, interest-only loans starting at 11%.
Usual Loan Terms:
- First mortgage loans
- Loan to value up to 65%
- Loan terms of 1-3 years
- Interest rates start at 10%
- Originating fee starts at 3%
- SISA and SIVA on investment properties
- Apartment building loans up to 65% LTV
- Mixed use properties up to 60% LTV
New* Revolving Business Lines of Credit (Cards)
- Business credit when you need it where you need it.
- Suite of products to fit your business needs.
- Please contact us for details