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chrisjones
17 Posts |
 Posted - 07/29/2008 : 10:00:17 AM
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| I am doing a hard money commercial and lender is asking for money upfront because they have to send someone out to property. (lender and property are in different states) My question is really is this normal with hard money? |
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brad.easter
696 Posts |
Posted - 07/29/2008 : 10:07:32 AM
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Chris,
Commercial lending, A-paper or Hard Money work very different from the residential world. The lender will normally collect appraisal and 3rd-party fees before the loan goes too far. Our company at least will get you a term sheet/CLA before we ask for any depsoits from your client.
Get a detailed breakdown of what the fees are for and make sure there won't be anything else that "pops-up" out of the blue.
If you have trouble getting an explanation, I'm sure that there will be several honest hard money lenders on this board that would play it straight with you.
Good luck! |
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dkendall1979
10261 Posts |
Posted - 07/29/2008 : 10:21:57 AM
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If in CA and greater than $1M loan amount, I can offer the following with no upfront costs at all. You don't even need an appriasal
9.9% IO
No PPP
No Appraisal
1 week to close
55% max LTV
No Cash out limitations
2-3pts cost
I want Beverly Hills, not Watts. It's the "Cheapest" hard money in America and we're very discerning of the properties we lend upon. |
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Quicksilver
4630 Posts |
Posted - 07/29/2008 : 10:44:23 AM
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Well first, you might want to post the name, as there are quite a few off hand that will send people out and inspect and charge other fee's including accommodations etc, only to then tell you no.
Now 3rd party reports (appraisal etc) are paid upfront. |
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Jack Straw
1163 Posts |
Posted - 07/29/2008 : 10:45:09 AM
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I don't charge any upfront fees for due diligence.
Best Regards,
Gillee Sherman, California Equity Lenders, Inc.
(818) 584-2318 - Direct
(818) 522-9307 - Cell
(818) 337-2262 - Fax
gillee@calequitylenders.com
www.calequitylenders.com
DRE Corp ID# 01837295
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ag957
512 Posts |
Posted - 07/30/2008 : 6:05:58 PM
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NO UPFRONT DUE DILIGENCE FEES FOR US............
NO APPRAISAL FEE
NO PREPAYMENT PENALTY
NO FICOS OR TAX RETURNS
Art Gilberg
Trust Deed Investments, Inc - Direct Hard Money
Tel: 415-760-2338
Email: agilberg@aol.com |
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dang007
90 Posts |
Posted - 08/03/2008 : 6:52:11 PM
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Hard Money/Bridge Loans - New York, New Jersey & Parts of Connecticut Only !
Offering one of the best rates on market !
• Interest Rates: 11% - 13%
• Amortization: Interest only – Roll in may be required.
• Loan to value: Up to 75% on income producing properties
• Origination Fee: 2 - 5% taken at closing from the loan proceeds (1-3% Lender Costs)
• Loan Terms: 1 year
• DSCR: 1.3x
• Closing times: 7-10 days
• Loan Size: $1,000,000 to $20,000,000 +
Collateral types that are:
• Office buildings (up to 75% LTV)
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• Gas Stations (up to 65% LTV)
• Multi Family (up to 75% LTV)
• Large homes starting from 4 million and upwards (up to 60% LTV)
Collateral types that are not of interest are:
• Land
• “White elephants” (very large vacant facilities)
• Theme/water Parks
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Please go to our website for more information about our company, our services and vast experience
in all aspects of real estate including, buying and selling property, lending, underwriting, etc…
Best regards,
Dan Garfinkel
Commercial Markets Funding Specialist
Precison Finance and Realty Partners
Tel: (845) 784-6487
Fax: (845) 503-2438
E-Mail: DGarfinkel@precisionfinancenandrealtypartners.com
Website: www.precisionfinanceandrealtypartners.com
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