LoanCriteria
Property Types:
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Lending Area:
Massachusetts – All
Loan Amount:
$50,000 to $5,000,000
Loan Term:
6 – 36 months
Interest Rates:
9%-14% per annum*
Amortization:
Interest Only
Max Loan to Value:
Property Acquisitions – Up to 70% (using the as-is, after repaired, or after completed value). Cash-out Refinances – Up to 60%
Origination Fee:
2%-6% of the total loan amount, due and payable at closing
Prepayment:
No Prepayments Penalties
Upfront Fees:
Beware of lenders charging upfront fees! Mass Hard Money Lender charge zero upfront fees other than a nominal appraisal fee. Once a formal commitment letter is executed, only then will we require a due diligence fee. We will discuss all fees with you upfront, without obligation.
Information / Documentation Needed:
Typically an inspection/appraisal and title report
Mortgage Position:
1st lien position only
Broker Fee:
Absolutely no broker fees!
Timeframe to close:
Once we have all the necessary information, funds can be dispersed to you in as little as 48 hours.
Recommended Documents for a Hard Money Loan Approval
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