Hard Money loans are a specific type of asset based financing. Hard Money Loans are short-term loans taken out to finance commercial projects, which are backed by the value of property instead of the creditworthiness of the borrower. Hard money loan tend to have a lower loan to value (LTV) ratio than a traditional loan because the property is the only protection if the borrower defaults. The default risk also creates a high interest rate for hard money loans.
Bridge loans are for businesses that are in some form of transition, and do not qualify for a traditional loan.
What can the money from Hard Money & Bridge Loans be used for?
- REO Acquisitions
- Short sales
- Rehab financing
- Foreclosure bailout
Different types of assets that can be financed under Hard Money/ Bridge Loans:
- Commercial Buildings
- Commercial Property
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