Unconventional Construction Loans

  • Hard Money Lending

     
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    Our Hard Money mortgage loan department is a network of 39 individual Equity-Based lenders; Hard Money lenders/ Private Money lenders that will fund any reasonable loan scenario.

    We have equity-based portfolio lenders, direct money lenders, and banks that offer soft money, sub-prime and non-prime loan programs including Small Business Loans and alternative-equity-financing options; our Hard Money division is on pace to do over 160 hard money loans this year.

    Our mission is to help individuals, investors, builders, developers, foreign nationals and all legal entities including foreign legal entities obtain alternative real estate financing options to assist in a diverse real estate market (usually understood as Hard Money loans). We are a unique Hard Money Loan service for a variety of real estate transactions, including investor purchase loans; refinance cash out option; new construction; second trust deeds; third trust deeds (Hard Money); refinance loans for primary and investment properties; fix and flips; rehab projects; probate properties; rental properties' non-warrantable condos; mixed-use; mobile manufactured homes; rural area properties and unconventional properties such as what are called ultra-modern properties that lack traditional 'comparables'. We also have programs for other types of properties including 'log' and 'dome' homes.

    There are many advantages of working with an extraordinary Mortgage Broker as Hard Money Mortgage Broker's can provide special services: a fast and efficient funding experience with easy terms and limited conditions.

    Some additional benefits of working with a Hard Money broker include a wide range of loan programs that come with the lowest pricing the market can offer. If a borrower is in the market for a hard money loan, they might get approved for a Soft Money loan program with a lower rate with a 5-year interest-only feature without a pre-payment penalty, as one example.

    Ongoing relationships in this cutting-edge industry are developed over time and with funded loans. We have lenders that will look at almost any loan scenario and we also have lenders that specialize in various loan scenarios, many that are Hard Money and as well, traditional financing.

    These Hard Money lenders are driven by private investor money, typically referred to as Hard Money or Private Money loans. This borrowing capital comes from special interest segments of the market that are pursuing specific criteria loan scenarios. Loans that meet specified criteria can receive discounted pricing from the lender. For example, if a Hard Money lender has an 11% standard interest rate, that rate will go down for every loan scenario criteria that meets their desired guideline structure. These variables vary from geo-targeted areas of the country, states, regions, and specific zip codes, as well as specific property types, loan purposes, occupancy type, credit criteria, credit scores and employment for soft money lenders (differing from Hard Money investors'), Subprime and Non-prime lenders, as well as other types of specific loan characteristics. Some examples would include: 580+ credit score blanket loans for the northeast region of the country; 1-4 unit purchase loans with loan amounts greater than 5 million; bridge loans that meet specific exit strategy criteria; state-specific rehab loans that feature a progressive Loan-to-Cost (LTC) ratios up to 85% for an investor with greater than 3 closed transactions experience within the last 4 years. Another example would be: "unseasoned cash-out refinance" for newly (unseasoned) purchase for a limited zip code area in Southern California, unconventional income documentation program for owner-occupied Single Family residential properties; these origination lenders will typically have their own pre-determined guideline criteria matrix to ensure that brokers stay within their guideline matrix. These revolutionary loan programs (usually Hard Money) can make it easier for an experienced Broker to quickly facilitate Hard Money loans for consumers. This is ideal because when the loan fits the lender's pre-determined guidelines, the complex loan scenario becomes an easy, consistent and clean loan process which in turn will provide pricing that is the best the market can offer because we, the Mortgage Broker are in effect, filling an order.

    Seasoned Real Estate Investor niche: some Hard Money/Private Lenders like working specifically with seasoned real estate investors. These guideline criteria can be quantified or qualified by the number of years or number of transactions undertaken by the borrower. For example, some lenders want to lend only to real estate investors that have completed more than 3 transactions and some won't touch a real estate investor with less than 3. A further example is that some Hard Money lenders won't lend in an urban area and some won't lend in rural areas. When a lender requires a niche, they also, in turn, will provide discounted pricing, thus benefitting the consumer.

    Two Examples:

    No asset or income verification that comes with 6-30 year terms and requires sub 500 or no credit scores for residential investors. Discounts 620+ credit score. ?

    ARV 85% Loan-to-Cost (LTC) No Pre Payment Penalty options; loans made to LLC with a personal guaranty.

    • All Income Programs
    • Stated Income / Stated Assets
    • Stated Income / Verified Assets
    • Bank Statement Loans
    • Asset Depletion Loans
    • No Doc Loans

    Hard Money Loans

    • Private Money 70% LTV
    • Hard Money 5 Million Owner Occupied
    • Jumbo Hard Money to 3 Million 80% LTV
    • Hard Money Super Jumbo Florida
    • California Hard Money 30 Million

    Latest Loan Programs

    • Investor Loan - No Doc

    • Bank Statement Loan 600 Credit Score

    • Asset Depletion Super Jumbo Mortgage

    • Bank Statement Loan 580 Credit Score

    • Stated Income Verified Assets to 70% LTV Owner Occupied

     

    Reference# - 55452

  • Stated Income / Verified Assets

    Minimum Credit Score - 660

    Maximum Financing 70% LTV

    Occupancies:

    Primary / Owner Occupied

    Second / Vacation Home

    Investment property / Non Owner Occupied

    This lender offers 3 alternative income documentation programs:

    Full Doc:

    For Self/Employed and W-2 wage earners

    Bank Statements:

    • For Self/Employed and W-2 Wage Earner Co-Borrowers

    Gross Sales for Investment properties

    • For Self/Employed - Gross Income amount utilized to calculate debt ratios

    Terms Available:

    ARM 30 year amortized

    Property Type:

    SFR

    Condos <4 stories

    Townhomes

    2-4 Units

     

    File will need to document Ability to Repay depending on total loan scenario

     

    Loan Amounts:

    Maximum loan amount - $500,000

    Senior Underwriter approval to $800,000

     

    Fix and Flip - OK

     

    Cross Collateral OK

     

    States;

    Arizona, California, Colorado, Florida, Georgia, Idaho, North Carolina, Oregon, Texas, Utah, Virginia, Washington

     

    Reference - 124 526020315

  • Hard Money Super Jumbo

    Residential Hard Money

    Purpose:

    Purchase, Rate&Term Refinance

    Cash Out Refinance

    Bridge loans

    Blanket loans

    Rehab

    Foreclosure Avoidance OK

    Eligible Occupancies:

    Non-Owner only

    Super Jumbo Loan Amount:

    $3,000,000

    Eligible Property Types:

    Condo

    High Rise Condos

    Non-warrantable Condos

    1-4 Units

    Eligible borrowers:

    Foreign Nationals

    Foreign corporations

    Non-resident alien

    Legal Entities:

    Corporations

    LLC's

    Trusts

    States:

    Florida only

    Underwriting notes:

    Purchase seasoning not required for cash out refinance

     

    Ref #155524012115

  • No Income No Asset Verification

    Foreign Nationals - OK

    Unique mortgage loan program designed for the Residential Real Estate Investor.

    Income Documentation: None

    Employment Status: N/A

    Employment Type: None

    Employment Documentation: None

    Nationwide Private Mortgage Lender

    This is a Private Money lender that has funded thousands of loans nationwide.

    Private direct lender specializing in Single Family Residences up to 1-4 units. Multiple loans for investors in all 50 states, One of the good things about this lender is they have over 25 years of real estate investing experience; they know how to underwrite a loan because they understand the residential real estate investment market because they themselves have bought and resold nearly 15,000 homes and have originated more than 4200 loans since they were founded in 2002; loans for investors, by investors.

    This is a true No Doc hard/soft money lender with national reach. No Income. No-Assets. No Employment. And now we dance. Closings average 10 to 15 business days from application. Loan amounts down to $125,000 and up to $300,000, all No Doc and greater than $300,000 on a case by case basis.

    Credit Scores and Hard Money

    Credit scores down to 580 or no score ok. Foreign Nationals also qualify. An investor can utilize this loan program for either a purchase or refinance. 30-day seasoning for cash out using new appraised value. This is a direct lender and they make all decisions in-house with over $200,000,000 to lend. They also offer 3-year terms for borrowers with longer-term projects as well as traditional bridge funding. An investor can close in a natural person name or business entity.

    This loan program only requires an application, payment for the appraisal, 2 forms of ID and or corporate documents if applicable, title commitment and homeowners insurance.

    Loan Program Guideline Overview and Highlights:

    No prepayment penalties 

    Information on "C" property rating:

    http://www.freddiemac.com/singlefamily/sell/docs/uadreqs.pdf

    Loan Purpose

    Purchase

    Cash out refinance - 30 days seasoning required

    Credit Scores

    580 or no score OK

    Pricing is Credit Score driven

    Credit Criteria:

    • Bankruptcy OK
    • Foreclosure OK
    • Short Sale OK
    • Loan Modification OK

    Loan Amounts: $5,000,000

    • Minimum Loan Amount: $125,000
    • Maximum Loan Amount: 

    Greater than $300,000 on a case-by-case basis 

    Maximum LTV

    • 70%

    LTV guidelines are based on the After-Repair-Value (ARV) 

    Property Types:

    • SFR
    • 1-2 Units
    • 1-4 Units 

    Reference # 540 061715 21-9-19

  • High LTV Hard Money Jumbo Loan

    This hard money residential loan has a very high Loan-to-Value (LTV) ratio of 80%. Most hard money lenders max out at 65%, sometimes 70%. So 80% is huge. It can be used as a Fix and Flip, Blanket loan, Bridge loan, Construction Loan and can also bail a borrower out of any housing event; short sale, foreclosure, bankruptcy, Notice of Default (NOD), Notice of Sale (NOS). Below you'll see some underwriting highlights.

    Loan purpose:

    • Purchase
    • Refinance
    • Cash Out Refinance and Construction

    Blanket, Bridge and Fix and Flip

    Loan limits:

    80% LTV

    Maximum loan amount - $3,000,000

    Term: 12 months

    Property types:

    • Single Family Residence (SFR)
    • 2-4 Unit
    • Condos and Townhomes

    Non-Warrantable Condos

    Manufactured homes

    Mixed Use  

    Unconventional Property Types:

    • Dome homes
    • Modern style
    • Historical
    • Log homes

     Non Owner Occupied only

    1-4 units 

    States available:

    Alabama, Arkansas, Arizona, California, Connecticut, Florida, Georgia, Iowa, Illinois, Kansas, Massachusetts, Maryland, Maine, Michigan, North Carolina, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, Wisconsin

     

    Reference# - 55214

  • Jumbo Purchase Loan for the First-Time Homebuyer to $1,000,000

    Purchase and Cash Out Refinance

    Loan Amount / Cash Reserves/Liquid Assets Requirements:

    • 1 million - 6 months reserves (Equal to 6 months of housing expense, principle, interest, tax, and insurance)
    • $1,500,000 - 9 Months Reserves
    • $2,000,000 - 12 Months Reserves
    • $2,500,000 - 18 Months Reserves

    $1,000,000 maximum loan amount for first time home buyer

    Acceptable income:

    • Rental Income
    • Alimony
    • Child Support
    • Note Income
    • Capital Gains
    • Dividends
    • Stocks Options

    Cash Out Available for Second Home

    Available terms:

    • 15 Year Fixed
    • 30 Year Fixed
    • 5/1 Year ARM
    • 7/1 Year Arm
    • 5/1 Year ARM

    Underwriting Notes:

    • Mortgage Insurance Needed
    • 10% Maximum Gift Funds OK
    • Down Payment Sourced:
    • Equity Gift - OK
    • Seller Contributions OK
    • Gift Funds OK

    Credit Notes:

    • No bankruptcy, foreclosure or short sale
    • Minimum 2 open tradelines
    • Construction to permanent ok
    • Broker credit report ok (no extra credit check)
    • Detached Condos OK
    •  All 50 states

     

    Ref# 147 525012215

  • This hard money lender will do primary residential loans which are somewhat rare.

    Purpose:

    • Purchase
    • Refinance, Rate & Term and Cash out
    • Refinance - Cash Out. $750,000 Maximum
    • Construction
    • Bridge Loan
    • Blanket Loan

    Loan Amounts:

    $125,000 to $5,000,000

    Eligible Property Types:

    • Single Family Residence SFR
    • 1-4 Unit residential and commercial
    • Condos
    • Townhomes
    • Non-warrantable condominiums
    • Mixed-use

    Eligible Occupancies:

    • Owner Occupied
    • Non Owner Occupied
    • Non-Occupant c-borrower OK

    Eligible Borrowers:

    • Foreign Nationals
    • Foreign legal entities
    • Probate OK

    Underwriter Notes:

    No seasoning requirements for Foreclosure, Bankruptcy, Short Sale, Notice of Default, Notice of Sale

     

    Reference# - 44154

  • Home Builder Construction Loan Program

    This is a short-term construction loan for home builders for subject properties located in Arizona, California, Colorado, Idaho, Illinois, Michigan, North Carolina, South Carolina, Ohio, Oregon, Texas, Utah, and Washington.

    Stated Income goes to 1 Million

    • 70% LTV (loan-to-value)
    • 85% LTC (loan-to-cost)

    Loan Amounts:

    • Maximum Loan Amount - 1 Million
    • Minimum Loan Amount - 50K

    Available Terms:

    • 4 months
    • 6 months
    • 9 months
    • 12 months

    Shorter-term - lower cost

    Blanket Loan available

    Construction Completion

    Draw Disbursement

    Eligible Property Types:

    • Single FamilyResidence SFR
    • 2 Unit
    • 3 Unit
    • 4 Unit

    Occupancies:

    • Owner Occupied and Non Owner Occupied

    Eligible Borrowers

    • Legal Entities - Yes
    • Foreign Nationals - Yes

    Underwriting Notes:

    Lender qualifies the lowest middle credit score of both borrowers