Qualifying for Commercial Hard Money Loans

Qualifying for Commercial Hard Money Loans

By Kimberly Hoffman

Commercial hard money loans are best for borrowers who do not qualify at banks due to  inadequate funds, credit, but have a hard asset like real estate. Investors in Chicago and most other cities across the United States are well aware, real estate is the most likely asset to raise capital due to its value determined by the market place and hard money lenders.  Commercial hard money loans represent ideal opportunities for investors needing non-traditional financing options.

While most commercial lenders demand burdensome financial information and reserve requirements to make any loans, Commercial hard money lenders funding process can be a quick and simple one-step application process. There are usually minimum credit score requirements,  document requirements, and minimum income checks required.  Qualified commercial properties include:

  • Five family units and higher
  • Retail properties
  • Industrial properties
  • Non-owner occupied 1-4 family properties in a Corporate or LLC name


Commercial Hard Money Loan Terms

There are endless real estate opportunities, which makes acquiring capital vital for investors. Hard money lenders in Private Lending Group prides itself as an expert in the loan process as a top quality customer service provider for those looking to acquire commercial property financing. Commercial hard money loans terms can vary across lenders; commercial hard money loans in Chicago are as follows:

    • Loan to value up to 70%
    • Loan terms of 1-3 years
    • Interest rates vary based on size and term of loan
    • Competitive originating fees
    • SISA and SIVA on investment properties
    • Loans up to 70% LTV
    • Loans from $150,000 to $5 Million

To apply for a commercial hard money loans today click here.

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