Commercial Hard Money Loans in California
California commercial hard money loans are short-term loans used to finance the purchase of commercial properties. Unlike traditional bank loans, which can take weeks or even months to process, hard money loans are designed to be approved and funded quickly. This makes them an ideal option for real estate investors who need to move quickly to close a deal.
One important thing to note is that hard money loans typically have higher interest rates than traditional bank loans. This is because hard money lenders are taking on more risk by lending to borrowers who may not have perfect credit or who are buying properties that may not be in the best condition. As a result, it’s important to carefully consider the costs and benefits of a hard money loan before deciding to take one out.
At Lending Bee, we specialize in providing hard money loans for commercial properties. Our loans are typically secured by a first or second lien on the property, and we offer up to 75% LTV (may go higher in some cases) for first liens and up to 60% CLTV for second liens. This means that we can provide financing for a wide range of commercial properties, including retail centers, office buildings, and multi-family properties.
So, what types of commercial properties can you use a hard money loan for? At Lending Bee, we offer financing for a variety of property types, including office buildings, retail centers, industrial warehouses, multi-family residential properties, and more. Our loan programs are designed to meet the unique needs of each property and investor, with flexible terms and loan amounts up to $25 million.
One of the key benefits of working with Lending Bee is our speed. We understand that in the world of commercial real estate, time is money. That’s why we fund our loans quickly, usually within 3-7 days. We manage our own funds, so there are no intermediaries involved in the decision-making process. This allows us to consider more factors than just credit score and income, and make decisions quickly and efficiently.
Another benefit of working with Lending Bee is our flexibility. We offer tailored loan programs to meet your specific needs, with interest rates starting at 9% and loan terms ranging from 12-24 months. We also offer 2nd lien loans, with up to 60% CLTV and interest rates ranging from 11-16% interest only. Our experienced loan officers will work with you to evaluate your property, determine the appropriate loan amount, and ensure that you have all the information you need to make informed investment decisions.
How to apply for a commercial hard money loan
When applying for a commercial hard money loan from Lending Bee, minimal documentation is required. We will need to evaluate the property you’re purchasing or refinancing, and in some cases, an environmental report may be necessary. Our loan officers will work with you to gather all the necessary documentation and ensure a smooth process.
It’s also worth noting that hard money loans can be a useful tool for real estate investors who are looking to rehab properties. By providing financing for the purchase and renovation of a property, hard money loans can help investors increase the value of the property and realize a larger profit when they sell. In fact, according to a recent survey by BiggerPockets, nearly 70% of real estate investors use some form of financing to fund their deals, and hard money loans are one of the most popular options.
Another advantage of hard money loans is that they can be used for a wide range of purposes. Whether you’re looking to purchase a new property, refinance an existing property, or fund a renovation project, a hard money loan can provide the financing you need to get the job done.
Finally, it’s important to note that hard money loans are not without risks. As with any loan, there is always the possibility of default, and borrowers should carefully consider the costs and benefits of a hard money loan before taking one out. However, for real estate investors who need quick access to financing, a hard money loan can be an excellent option, providing the flexibility and speed needed to close deals and take advantage of opportunities as they arise.
