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Hard money for commercial property is very much like hard money for residential in most instances. It is typically up to 70% LTV and it is obtained to buy property that is under contract for less than its appriased value due to numerous reasons such as someone is retiring and wants out, someone needs to move and is no longer able to run the business or it is part of an estate. It can also be used to refinance for further construction or improvements of a current owner but who is not able to obtain conventional lending.
The difference is although hard money for commercial is easier to qualify for than conventional means, it is still based on more than just equity. For example it is important that the borrower has experience in the indusrty they are buying the business for, such as a purchaser of a hotel should at least have hopsitality experience. That si just one of the differences.
Hard money commercial loans may also require the borrower to have an "exit" strategy, or a plan in place to payoff the loan in the near future. |
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