Hard Money Loans for Mixed Use Properties
Here is a Valuable Insight into Hard money Loans for Mixed Use Properties
Hard money loans are tailored for those wishing to invest in commercial or residential properties with the sole aim of making money. These loans are also ideal for those in need of quick cash right away, for the short term.
You might be one of the people looking for these loans. The good news is that there are lenders willing to give you hard money loans for mixed use properties.
How Does a Hard Money Loan Work?
One common use of a hard money loan is to buy a property, renovate it and put it on the market. The lender gives you the cash you need and you pay it back with interest after a short period.
However, it isn’t such an easy loan to qualify for. The lender has to be sure that you will get the cash plus interest from the mixed use property before financing your loan. The lender normally uses an independent valuer to assess the property state before making a decision.
On the other hand, if the lender is satisfied with your loan application, you get the cash within 7 days.
What are The Loan Terms?
For mixed use properties, the lender requires you to have an LTV ratio of 70 percent or less. This tells the lender that the property has enough equity to warrant the loan amount. With such an LTV ratio, you stand to get better interest rates and pay lower costs.
The Final Ingredient
When it comes to loans, Mixed Use Mortgage knows what to do to help you get the right loan. We have assembled a team of experts from all fields to make sure you only get the best services. Our lenders have your interests at heart, which is why it is a good idea to work with us.
Don’t hesitate to give us a call and discuss your options, consultation is free and never a fee.