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Chris Goulart, Broker Associate, DRE Lic. # 01458390 NMLS Lic. # 298819 Bay Mountain Mortgage broker Lic. #01227690
We can help with multi-family hard money loans in Huntington Park and the surrounding areas. This particular transaction was one that fell out through traditional channels. The transaction was brought to me needing to close at terms better than average for hard money lenders.
The borrower had good credit and the property was generating income, but they required non traditional funding for the deal. We stepped in and were able to secure a 30 year term with a fixed rate of 7.49% for the first three years. In addition, we approved this loan for up to 75% loan to value with no adjustment to the rate.
When we started the transaction we had a very short window within which to close, due to the fallout of the bank financing they originally intended to obtain. We were able to move quickly and close the transaction, avoiding the seller cancelling and proceeding with a backup offer.
These types of loans are our hybrid hard money loans. While most of our products are not credit based, this one does require a minimum credit score of 640-650 (although exceptions can be made via other compensating factors such as loan to value, assets, income, etc). Appraisals are required, as are termite inspections, but the documentation is uncomplicated and the process can move swiftly.
We are able to offer this type of loan throughout the state of California. We specialize in hard money loans secured by California real estate, and can be very creative and bring options to the table that potential clients may not have considered before. In addition to multi-family loans, we can also offer this type of pricing and loan for commercial and residential loans, provided they are non owner occupied business purpose loans.
Learn more about our California hard money multi-family loans, or call us today with your scenario. Usually a quick ten minute conversation is all we need to determine whether we can help you. Call today at 877 462 3422.