NO Credit, NO Income Hard Money Available
My company is a private money and commercial mortgage brokerage that arranges financing for residential and commercial real estate deals. From time to time, I post discussions on various loan products available to borrowers.
Hard money is not meant to be cheap nor used long-term. That being said, it is useful if the numbers work for the investor. Here's a hard money product that I've closed with a few borrowers on. It is only for purchase and refinance deals. There's also a no credit, no income component, which is the most expensive. If any investors are interested, feel free to contact me.
You have a couple of options with this particular lender. It would look like this...
6 mo. I/O
- Loan Purpose: Flip Only
- Term: 6 months
- Amortization: Interest Only
- Tier 1 Rate, Points*: 11%, 4.5 points
- Tier 2 Rate, Points: 11%, 6.5 points
- Tier 3 Rate, Points: 15%, 7.5 points
- Closing Fee: $995 - $1995*
- LTV: Purchase - 65%, Refi - 50%
- Min. Property Value: Purchase - $35.4K, Refi - $46K
- Property Condition: C1-C5
- Prepayment Penalty: No
5 Yr. Full Am.
- Loan Purpose: Flip or Rent
- Term: 60 months
- Amortization: 5 yrs.
- Tier 1 Rate, Points*: 18%, 4.5 points
- Tier 2 Rate, Points: 18%, 4.5 points
- Tier 3 Rate, Points: 18%, 4.5 points
- Closing Fee: $1000
- LTV: Purchase - 65%, Refi - 50%
- Min. Property Value: Purchase - $35.4K, Refi - $46K
- Property Condition: C1-C4
- Prepayment Penalty: No
10 Due-in-3
- Loan Purpose: Flip or Rent
- Term: 36 months
- Amortization: 10 yrs.
- Tier 1 Rate, Points*: 14%, 5.5 points
- Tier 2 Rate, Points: 15%, 6.5 points
- Tier 3 Rate, Points: 18%, 7.5 points
- Closing Fee: $1000
- LTV: Purchase - 65%, Refi - 50%
- Min. Property Value: Purchase - $35.4K, Refi - $46K
- Property Condition: C1-C4
- Prepayment Penalty: No
30 Due-in-3
- Loan Purpose: Rent
- Term: 36 months
- Amortization: 30 yrs.
- Tier 1 Rate, Points*: 14%, 5.5 points
- Tier 2 Rate, Points: 15%, 6.5 points
- Tier 3 Rate, Points: 18%, 7.5 points
- Closing Fee: $1250
- LTV: Purchase - 65%, Refi - 50%
- Min. Property Value: $80K
- Property Condition: C1-C4
- Prepayment Penalty: Yes
*Interest rates and points based on credit score: Tier 1 - 700 or higher, Tier 2 - 600-699, Tier 3 - 619 or lower. Closing fee on 6-month loan dependent upon loan amount.