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Approach Commercial Hard Money Lenders Ny For Your Financial Needs
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There are many commercial hard money lenders ny offering short term loans to the borrowers with real estate backed properties as a collateral. There are some advantages and disadvantages of availing loans from the hard money lenders as they charge higher interest rates than the conventional lenders like banks or financial institutions. But many still prefer approaching these lenders as it is easy to get loan approval from them with their lending criteria being simpler as compared to the conventional lenders.
Often banks or any other financial institutions when approached for a loan take into account many aspects of the borrower like their repayment capacity and credit history to justify the decision of whether to give a loan or not. But the commercial hard money lenders ny have a different criteria as they are not credit driven or worry about the repayment capacity of the borrowers but assess the value of the property being kept as a collateral against the loan amount.
Moreover some of the commercial hard money lenders ny offer only commercial bridge loans in deals like purchase and renovation of foreclosure properties, foreclosure bail out loans, rehab hard money loans and mortgage loans for short term tenures like 1 to 5 years time. Their lending area would be within the country and all residential and commercial properties are considered as collateral. As hard money lenders have flexible criteria for lending loans thus goes up their interest rates to cover the risk and they actually give 75% loan on the property value.
The loan size varies from 1 to 5 million dollars with tenure of up to 60 months and generally they don’t charge any prepayment penalties from the customers. However this may vary from lender to lender as there are no strict regulations in force. However slowly hard money lenders are also being brought under the regulations like they need to have the NMLS license and should also check the documentation of income and repayment capacity of the borrower before giving loans.
One can apply online to the commercial hard money lenders ny by filling in the form with all the details which shall be quickly processed within 5 business days as lenders do understand that investors are looking for quick money to invest in their business deals. There are no application charges but a 2 to 6% origination fee at the closing of the loan proceeds. It is up to the individuals and their circumstances to approach the hard money lenders as many benefit while some may end up paying heavy interest charges or losing their collateral due defaults.
Ihardmoney.com is a company with specialized real estate hard money lenders newyork and offers short terms loans from the value of $100,000 to $5 million in New York. We are specialized private hard money loan brokers in New York, providing commercial hard money,private mortgage money,Rehab hard money and commercial bridge loans to home owners and investors. For more on real estate hard money loans in New York, visit our website.
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