HARD MONEY FOR RESIDENTIAL PROPERTIES
Hard Money financing for residential
properties is a short-term, bridge loan secured by real
estate and traditionally used until permanent financing is put in
place. An excellent alternative to conventional bank loans, a
bridge loan can be an ideal solution for time-sensitive transactions.
For commercial hard money financing and products, click
Bridge loans are commonly used to solve immediate business concerns
challenging working capital, real estate transactions and improvements,
and debt. Great Northern Mortgage can provide a ready solution
to pressing situations individuals and businesses face including
acquisitions, crucial repair work before insurance claims are settled,
impaired credit, borrower distress, foreclosures, tax liens and
judgments, bankruptcies, estate taxes, litigation, vacancies, blanket
mortgages, divorce, illness and death.
Great Northern Mortgage is able to provide funds quickly because
we have access to national and international sources of private
capital. Since these sources use their own private funds, they
are not encumbered by prohibitive regulations, which institutional
lenders must follow.
Main benefits: flexibility, speed, cost-effective and competitive
relative to other financial options.
Please contact us or complete our Application Form if
your loan scenario cannot be adequately handled by traditional
lending sources either due to time constraints, deal
complexity or the transitional nature of the property.
- Loan Size – $200,000 to $2,500,000
- Type of Properties – 1 to 4 families
- Acceptable collateral – real estate,
royalties, and other fixed or liquid assets
- Terms – 90 days to 36 months
- Rates – 9% to 24% per annum, interest
only, depending upon collateral and loan structure
- Fees – 3 - 10% (U.S. only) of the
loan amount as origination and underwriting fees
- In some cases, interest, fees, and points can be included in
- Prepayment – NO prepayment penalties
- All loans are based on a Loan-to-Value Ratio
to 65% of the quick-sale value of the collateral, with raw land
and transitional buildings limited to less. If the loan is used
for renovation or construction, the loan amount can be based
on the improved value, and would be disbursed in stages as work
progresses. See Rehab Loans.
- Bank workouts, foreclosures,
bankruptcies, purchases and bankruptcy financing are all acceptable,
as are other kinds of complex funding.