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Ulysses Fletcher


Monday, May 14, 2012 - Article by: Ulysses Fletcher - Ulysses Fletcher Mortgage Services - Message

Get a fast funding commercial hard money loan regardless of low credit score on most property types. Even with bad credit, you can qualify fo a commercial hard money loan. Our hard money lenders provide short-term commercial hard money -- typically 1 to 3 year terms. Since hard money loans are short term, you will need a good exit strategy such as to refinance or sell your commercial real estate. Hard money lenders will typically lend on the purchase price of the real estate, not the appraised value and up to 75% LTV is usually the maximum. The appraised value will be used for a refinance, such as cash out or rehab of the property. Hard money loans can close quickly -- typically within 7 to 10 days and are therefore a great option if you need to purchase quickly or need quick cash out of your property. Our commercial hard money lenders charge low or no upfront points. We have commercial hard money lenders that will do the unusual - even land or acquisition and development.

Quick Closings
LTVs up to 75%
Most property types: Office Buildings, Restaurants, Marinas, Retail, Apartments, Gas Stations, Bed and Breakfasts, Mixed Use, Mobile Home Parks, Churches, Auto Repair, Industrial, Hotels, Motels, RV Parks, Land Loans, Retail, Golf Courses, historical buildings, multifamily, Strip Malls, Shopping Centers, Resorts, Self-Storage, Adult Entertainment, etc.
Loan Purpose: Purchase, Refinance, Bridge loan, Operating Capital, Cash Out Refinance
Typical Interest Rates: 11% to 16%
Typical Costs: 4 to 10 points - These may be rolled into the loan
Minimum Loan Size: $500,000
Maximum Loan Size: No Maximum
Loan Terms: Typically 1 to 3 years
No Prepayment Penalty

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