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The commercial hard money loan programs
described in this web page do not constitute any form of offer to make a
commercial loan or
to make a commercial loan on any particular terms. If you are interested, you must make a
formal written loan application and provide all required documentation. All
information submitted by loan applicants is subject to verification. All
commercial hard money loan
applicants must qualify under our underwriting requirements and satisfy all
contingencies of commercial loan approval. Commercial loan approval will be subject to satisfactory
appraisal, title review and no change in financial condition. Some commercial
hard money loan types
may not available in all jurisdictions. The commercial hard money loan programs on this web
page are
subject to change without notice. Our loan programs are for commercial business
purpose only.
Business Speed Loans - Hard
Money Loans - Bridge Loans.
For business
owners and buyers who need money fast!
What is a
Business Speed Loan?
For
business owners who need money fast, a
Business Speed Loan (also known as bridge loan or hard money loan) is a loan that can be funded faster than a conventional
commercial loan. Typically it is asset based thereby requiring much less effort
to put together than traditional bank loans and therefore the perfect solution
for time sensitive or even emergency transactions. Business Speed Loans are also
known as short term commercial hard money or asset based bridge
financing, often used as a temporary solution until more permanent financing
can be arranged.
Business Speed Loans are able to finance transactions and situations and
borrowers that are not usually accommodated by conventional banks and lenders
such as;
- Higher risk business
acquisitions
- Business or real estate
development, rehabilitation, renovation, and conversions
- Partner and lease disputes
and buy outs,
- Business restructurings
- Turnarounds
- Debt consolidation.
- Bankruptcy resolutions.
- Higher risk refinancing
- Solutions for borrowers in
distress
- Business, real estate and
other asset purchases
- Foreclosure avoidance
- Property Tax lien and
judgment payoffs
- Bank workouts
-
Quick Closings to Secure Opportunities
Speed Loan Features
- Loan amounts of $100K
to $20M
- Fast track minimum
paperwork process
- Funds payable in 5 – 14
days.
- 1 - 36 month loan
terms.
- Short term rates as low
as 7% with qualifying collateral.
- Low fees which can be
rolled into the loan.
- Start up period
interest payments can be rolled into the loan
- Easy alternative non
conventional collateral accepted.
- Zero income earning
collateral can be accepted.
- 65% loan to value (LTV)
and up to 70% LTV in some cases.
- 100% LTV with
additional collateral.
- An
unsecured business line of credit can be
used for the LTV shortfall.
- 2nd position loan
options available.
- Loan programs available
for FICO’s as low as 400.
- Available in all 50
states as well as Mexico.
- Nationwide lenders who
listen, understand and deliver.
Get started now by
describing your loan requirements on-line or by calling us on
1-800-879-0284.
No Social Security Number or bank Account Numbers required for pre
approval.
Business
Speed Loan qualifying guidelines.
We introduce the most effective Business Speed Loan lenders in the US who are
able to customize and provide Business Speed Loan packages to meet our client’s
business, real estate and hard asset needs. The guidelines for these loans are
as follows;
- A variety of conventional
and non conventional collateral can be acceptable such as accounts
receivable, equipment and machinery, publicly traded stock, boats and
planes, machinery and equipment, royalties and real estate.
- Loan amounts must be
between $250 000 to $20,000,000.
- Terms must be between 1
month to 36 months.
- Borrowers must be
comfortable with interest rates that can range from 7% per annum (for
qualifying conventional collateral) to 1% - 1.5% per month (for
unconventional collateral), which can in some cases be included in the loan.
- Success fees, origination
points, appraisal costs, underwriting fees and closing costs are payable.
- LTV ratios are based on
the “quick sale” value of the collateral and can be as high as 65% LTV
(lower amounts apply to raw land and empty buildings) and even as much as
70% in some cases. An
unsecured
business line of credit can be used for the LTV shortfall.
- A Clear exit strategy is essential for approval.
Our
Business Speed Loan Process
The first step is for you make contact with us to discuss your Business Speed
Loan requirements. -
You can do this by either
describing your loan requirements on-line or by calling us on
1-800-0284. After considering your requirements, we will advise you on what loan
products are available for you to apply for contingent upon you providing us
with data and documents to support what you have told us. If you then choose to
proceed, we will send you our
Fee Agreement.
You start the process by approving our Fee Agreement. -
By
approving our
Fee Agreement, which defines our success fee (payable on funding at
closing), you show good faith to work with us and put us to work to source and
secure your a loan.
You set up an appointment for our processor to complete your Loan Request
Forms. –
Our processor will call you to gather your data, complete your Loan Request
Forms, ask you to provide certain documentation and process your request.
We process, underwrite and prepare your loan request package -
We
will process your data, make the necessary underwriting adjustments and then
prepare a professional loan request package which we will submit to our Business
Speed Loan Lenders.
You approve your loan program –
A
Business Speed Lender will respond by offering you a
loan quote which will include a schedule of loan terms and conditions
that you must meet as well as schedule of lender due diligence, legal, title
fees and underwriting expenses due on application and lender origination points
due at closing.
Our lender
processes your loan –
Our lender will then do the necessary due diligence to ensure that your loan
conditions are met before issuing you with a final approval.
Our lenders have minimized the paperwork involved in the lending process to meet
our clients’ tight financial deadlines. Often, only fast track, short-form
appraisals will be ordered and in many cases our lender’s insurance carrier will
provide the environmental insurance coverage, thereby eliminating the need for a
time consuming Phase II environmental report.
Your loan closes.
Once you have received our lender's final approval, you will proceed to closing.
Throughout this brief process, a lender representative will work closely with
you and keep you informed. The end result is that you will get the service you
want, and the funding you need, when you need it.
Get started now by
describing your loan requirements on-line or by calling us on
1-800-879-0284.
No Social Security Number or bank Account Numbers required for pre
approval.
Recent examples of the
loans that our lender funded
·
A buyer needed to come up with extra funds in order to extend an
imminent closing date on a multi million dollar office building. Our lender
funded in two weeks thereby saving the entire down payment.
·
Our lender came up with $20 000 000 to allow a borrower to pay off current liens
on his property, pay down an existing mezzanine loan and reimburse a related
party for money used during the construction of the properties. The loan was
secured by two apartment complexes. Our lender’s quick 10 day transaction
process allowed the borrower to pay off all obligations that were coming due,
without incurring additional charges.
- A developer was
facing a balloon payment before his project was complete and able to be
marketed. Our lender quickly refinanced using cross collateralization of
another commercial property belonging to the borrower.
- Our lender paid
off $26 000 000 of existing liens on a borrower’s commercial property to
provide funding for the construction of multiple homes and a restaurant.
While this was a highly complex transaction, our lender’s creativity and
understanding of the market allowed this loan to fund in less than two
weeks.
- A borrower needed
an $8 600 000 loan to pay off existing debt and do restoration work on an
office retail complex. Our lender's quick approval process allowed the
Borrower to secure his financing, thereby ensuring that he did not default
on his existing debt and allowed him to move forward with completing the
renovations on the property.
- Our lender funded
a $6,500,000 loan for the reorganization of an LLC. The loan was secured by
a residence and cattle ranch. Quick approval of the loan saved the borrower
from losing assets that had long been held within their family.
- Our lender funded
a $5,000,000 loan to allow a borrower to refinance a residential high rise.
Flexible financing allowed our Borrower to refinance the primary collateral
as well as use a portion of the loan proceeds to pay off existing liens on
another property so that conventional financing could be put into place.
Speed of execution allowed all of this to occur in an expedited manner.
- A $4,000,000 loan
was provided to complete the construction of a freestanding retail building
which was being leased to a national retailer. The initial construction was
started with funds invested by the borrower, who then tried obtaining a
conventional construction loan. When conditions in the credit market
changed, the loan fell through and the borrower was in urgent need of funds
to complete the structure, our lender was able to step in and rescue the
situation within days, with no disruption to the project.
- Our lender loaned
$3,000,000 for the purpose of refinancing existing debt on an auto
dealership in Indianapolis, The Borrower’s bank was not currently making
loans on unconventional property types and would not provide the operating
capital that he needed. Our lender allowed the Borrower to quickly refinance
his property, and attain the capital that he needed to grow his business.
- A 2 000 000 loan
was made for the refinance of a restaurant. Our lender’s funds were used to
pay off a mortgage on the subject property, pay off general contractor and
architect liens and complete construction of the restaurant located within
the property. Our lender’s quick approval process allowed the borrower to
expedite his refinance and begin operating his business as soon as possible.
Frequently Asked Questions
In which states do your lenders lend?
Our lenders lends in all 50 states as well as Mexico.
How quickly can a lender issue a letter of interest?
Within 48-72 hours after us submitting your loan request, our lender will issue
a letter of interest and loan quote or decline the opportunity.
Do you or your lender charge upfront fees?
No, neither we or our lenders charge upfront fees. However, our lender does
collect due diligence fees which is for appraisals, surveys, legal, title fees
and underwriting expenses. These fees are only payable when you sign and accept
our lender’s quote. At closing, these fees are shown on the closing statement
and unused fees are credited back to you.
Are the due diligence fees
refundable if I decide not to go ahead with the loan after I have already signed
and accepted the lender’s quote?
No, the fees are not refundable. Once you have signed and accepted the lender’s
quote you have committed yourself to the loan and the lender, attorney,
appraiser and title company will start spending time and money processing your
file. You should not commit yourself to the loan process if you have any doubts.
When will I get the money?
Our lender can usually fund within 10 working days after receiving all
loan-related documents.
What do I have to provide to get the money? Is it as much as the bank
requires?
Our lenders have minimized the paperwork involved in the lending process to meet
our clients’ tight financial deadlines. They often order only fast track,
short-form appraisals and in many cases their insurance carrier will provide
them with environmental insurance coverage, eliminating the need for a time
consuming Phase II environmental report. They also often accept available
supporting collateral documents to reduce the time for funding.
Do I have to provide proof of
my personal income?
No, the loan is asset based and our lender will strictly look at the subject
collateral and the rent roll of income producing properties.
Are there any pre-payment
penalties?
There are no
pre-payment penalties except for one of our programs which has a 6 months
pre-payment penalty.
Will I qualify if my FICO score
is very low?
Yes, you can qualify
for a Business Speed Loan with a score as low as 400 although the LTV, rate and
points are influenced by your score. For instance, a low FICO sore of 400 will
only qualify for a 40% LTV loan while a high FICO score of 700 will qualify for
a 65 - 70% LTV loan.
What does it cost?
Our
success fees and the lender origination points (payable at
closing), range from 2% of the amount funded and upwards depending on the
risk involved in the loan or the complexity of the transaction.
How much interest is charged?
Interest rates can
be as low as 7% for 30 day terms (usually for income producing properties) and
can be as high as 18% depending on the term, collateral and risk factor.
Do you offer
unsecured Business Speed Loans?
The only unsecured business loans that we offer are
Unsecured Business Lines
of Credit $50K - $250K.
Do you consider
the after-repair / improved value of collateral in computing LTV?
No. Our lenders
look at the AS IS value or if recently or to be purchased, the purchase price,
whichever is lower. For example, if the collateral is worth $100,000 AS IS, our
lenders will lend up to $70,000 subject to the type or collateral and risk.
What collateral is acceptable?
A variety of conventional and
non conventional collateral can be accepted such as accounts receivable,
equipment and machinery, publicly traded stock, boats and planes, machinery and
equipment, royalties, and real estate.
How soon must the loan be paid back?
Our Business
Speed Loan terms range from 30 days to 36 months.
What if it will take a while
for the property or business to start making payments?
Depending on the type of transaction, interest costs for the first few months
can be rolled into the loan.
Is collateral without income
acceptable to the lenders?
Collateral
without income is acceptable in some cases provided that terms for the payment
of interest and amortization is acceptable to the lender. Sometimes interest and
amortization can be paid up-front in the origination of the loan.
Do you offer loans for acquisition and
development?
Yes. However, we
define development as rehab, not ground-up construction.
Will your lenders lend in second mortgage
position?
Yes, but only if all of the following conditions exit:
-
The first mortgage balance cannot exceed
$500,000.
-
There are no restrictive clauses in the first
mortgage documents prohibiting payoff which means that the lender must be
able to pay off the first mortgage in the event of default.
-
The first mortgagee must permit secondary
financing
-
The first mortgagee must be aware of the second
position loan and be willing to inform the lender of delinquency.
-
The combined LTV cannot exceed 50%.
-
The borrower must have a FICO score of 700 or
higher.
Get started now by
describing your loan requirements on-line
or by calling us on 1-800-879-0284.
No Social Security Number or bank Account Numbers required for pre
approval.
See our
complete loan process.
Our phone number is
1-800-879-0284
Our Email address is
Originator@MegaLoanFunding.com
Get your
Unsecured Business Line Of Credit today.
Broker
Co-Op Policy
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