Clearlease Financial Group – Hard money lenders is a lending company offering a specialized type of real-estate backed loan. Clearlease Financial Group, as a Hard money lenders provide short-term loans (also called a bridge loan) that provide funding based on the value of real estate that has been collateralized for the loan. Hard money lenders typically have much higher interest rates than banks because they fund deals that do not conform to bank standards.
Hard money lenders will offer a range of requirements on the loan-to-value percentage, type of real estate and minimum loan size for a hard money loan.
Hard money risk
Hard money loans are more expensive than traditional loans because they are not based upon traditional credit guidelines which protect investors and banks from high default rates. As hard money lenders may not require the income verification that typical lenders require, they experience higher default rates (and, thus, charge a higher rate of interest). Individuals and companies may opt to take a hard money loan when they cannot obtain typical mortgage financing because they do not have acceptable credit or other documentation typically required by a conforming loan.
Hard money collateral
Hard money collateral is typically the real estate loaned on. This can include residential, multi-family, commercial, or raw land properties. However, it sometimes include other assets of the individual or business borrowing the hard money. In many cases a hard money lender will offer a smaller loan size based upon a lower “Loan To Value Ratio”. This means they may opt to loan no more than 65% of the property value. Therefore it is common for real estate investors to offer additional real estate as collateral in order to obtain a larger loan amount. This is known as cross-collateralization.
*From $200,000 to $10 Million
*Collateral is equipment or real estate already owned
*Loans up to 70% of auction value or any equipment that has a verifiable secondary market
*Terms ranging from 90 days to 36 months – open terms available
*Interest rate ranges from 1% per month
*Typically, short term loans are funded within 10 days of initial call
*Companies with hard assets and/or real estate equity
*Distressed situations / Special loans in need of restructuring
*Tax issues (GST, PST, HST, Source deductions etc)
Sample Equipment List
*Construction, yellow iron
*Heavy trucks and trailers
*Processing and packaging equipment
*Production line equipment
*Plastic injection molding equipment
*Metal / wood manufacturing equipment
Commercial hard money lender
Commercial hard money is issued to a business entity or individual signing on behalf of a business entity or corporation. It can be secured against a commercial property or residential investment property. It can also be secured against a residence in conjunction with a business property as a means of obtaining additional collateral for the lender. That type of additional security is referred to as a blanket mortgage. The sources of asset based commercial hard money loans are generally the following:
1. Private Individuals
2. Mortgage Companies
3. Federal Banks
4. SBA Lenders
These commercial hard money lenders all have varying degrees of benefits as well as downfalls in terms of choosing a commercial hard money loan lender. For example, a private individual may offer special terms, however may be unwilling to offer a work out plan as a matter of procedure, in the event the loan becomes delinquent. A federally-chartered bank may offer a competitive loan rate in comparison to an individual, however may demand a high pre-payment penalty fee, costing the borrower more money if they decide to sell or refinance the loan within one to five years.
Hard Money Lending
Bad credit affects many, and often find it difficult to find a home loan. Individuals with low income levels and poor credit rating are eligible for 2nd private mortgages too! Despite the banks inability to finance your mortgage you are not without options that suit your situation. If you have equity in your property, Clearlease Financial group can get you a mortgage!
Need a Hard Money Loan FAST? A hard money lender may be exactly what your business needs because you are consistently hearing no from the banks when you are attempting to obtain financing.
We are the hard money loan, short-term lending specialists. Deal direct with the Hard Money Lender. We offer Hard Money Loans up to $500,000,000 – FAST!
There are times when quick and creative financing is needed. We are Hard Money Loans experts. As a Hard Money Lender with fast access to the capital needed from private investors, we can help. Commercial Real Estate, Construction or Residential Loans – Fast! All at Best Available LTVs.
Unlike traditional lending, which is largely defined by credit scores and the borrower’s ability to repay, hard money loans are based almost entirely on the value of the underlying asset. We are direct Hard Money Lenders accross Canada and the USA.
In the USA, nationwide including Texas, Florida, California, Nevada Las Vegas, Michigan, Georgia, New York, Maryland, Ohio, Rhode Island, Connecticut, Indiana, Atlanta, Colorado, Arizona, Kansas, Chicago, Minnesota, Illinois, Virginia, Salt Lake City Utah, New Jersey, National USA, Canada, United Kingdom (UK), Asia and International. We can satisfy ALL of your lending needs and requirements.
We are known for speed, service and integrity. Investors know that when they need a fast funding decision and a quick closing, or construction hard money loan, they can rely on us to be there for them. If you need quick access to financing to close on a property in as little as 2 weeks or less or do not meet conventional bank financing but have equity in their property Contact Us Immediately – WE CAN HELP! Deal Direct with the Lender NOW! Hard Money and Private Money Mortgage Specialist. Roosevelt recognized the soviet union in 1933 to improve trade where can i find someone to write my paper and to deter japanese aggression