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One of the most common questions we receive are, “What are the closing costs of a hard money loan?” Everyone wants to know about costs on a loan and FCTD makes sure to discuss closing costs with borrowers.
According to Richard Branson, “Luck is what happens when preparation meets opportunity.” In other words, if you’re going to become a successful real estate investor; start preparing now and when you find that perfect house, the mythical creature that is “Luck” will arise.
When it comes to commercial and residential mortgages, they have one similarity: they involve property. For the most part, that’s where their similarities end. If you’re new to taking out a commercial mortgage, you’ll probably soon discover that there are some significant differences, especially if you’re more familiar with the residential market. Here are some of them:
The property market can be a complex place at the best of times, with people often looking to simplify their options in order to make things easier to manage. When it comes to mortgages, however, the complex solution can potentially save you a lot of money. Sometimes, two mortgages are better than one. While taking out a second mortgage might seem like a counter-intuitive way to save money, an 80-10-10 loan can be a powerful way to avoid the costs and pitfalls associated with a jumbo loan.
If you’re thinking about repositioning your debt or purchasing a new property to add to your portfolio, it’s important to consider all of your finance options. Bridge loans are a great choice for people who want to access capital quickly in order to expand or alter their property business. Bridge loans are a fast and efficient way to raise funds between a short-term cash requirement and long-term loan.
If you’re looking to buy a new home, it’s important to explore all of your financing options. An owner-occupied bridge loan is a great solution for people who want to generate capital from their existing property and make an offer on a new home in a highly competitive seller’s market without a sale contingency.
Hard money provides a means of borrowing from someone other than a traditional mortgage lender. It can be a good option when you need a loan fast, but not everyone can get a hard money loan.
Like many people, you probably find the world of investment properties exhilarating. At the same time, you probably experience a lot of the frustrations that come with financing your prospective properties. As the real estate market continues to thrive, there’s a lot of scope for buying fixer uppers and flipping them for a profit. If you want to seize on your latest opportunity quickly, but you feel as though securing finance could cause a delay, you may want to consider a hard money or private money bridge loan.
Over the past few years, we’ve received dozens of hard money and private money hotel financing requests from existing owners doing a major overhaul as well as buyers seeking acquisition funds to stabilize a property before taking out a long-term bank loan. This blog post outlines a recent competitively priced private money hotel acquisition loan for an experienced operator that we believe would benefit many other hotel owners.
Over the past two weeks, we’ve had three different lenders (one investment fund, one family office, and one individual), tell us that they’re limiting the Loan-To-Value (LTV) they’re giving on hard money cash-out refinances.