Strategies For Getting A Hard Money Loan With No Upfront Fees

There are many hard money commercial bridge lenders out there that provide financing only after the client pays an advance or upfront fee for due diligence.

Winston Rowe & Associates, does things differently. They do not charge upfront or advance fees while providing honest, straight forward answers concerning your loan request.

When you call Winston Rowe & Associate - you will talk with directly to a principle at 248-246-2243.

You can also email them at processing@winstonrowe.com or check them out online at http://www.winstonrowe.com

When do you need a hard money loan?

Commercial real estate (CRE) investors apply for hard money for various reasons; a great deal on a distressed property, cash out for improvements, a balloon payment is coming due, exit financing for Chapter 11 or the bank offered you a big discount on your commercial mortgage.

What to expect from a hard money lender.

Many CRE investors are surprised by the more stringent underwriting requirements by hard money lenders in today’s capital markets.

In the old days (just a few years ago), investors could count on money based on the future value of a commercial property, with little or no money down. Those days are over.

Supporting documentation requirements to expect from a hard money lender.

Hard money lenders are just like every other lender, bank or financial institution. They like to make loans to people that will pay them back with interest, so they can make a profit for their investors.

The first thing a hard money lender is going to look at is the exit strategy, which is how are you going to make your monthly mortgage payments.

The second area they will analyze is your overall financial health, business experience and things like prior litigation, bankruptcies and business partnerships.

Expect to provide personal and business tax returns; credit reports and a personal financial statement just to name a few.

There are also Home Land Security requirements when applying for all loans now.

You will be asked to provide photo copies of your driver’s license or passport and sign an IRS 4506 form so a lender can reconcile your tax returns. If needed.

General terms and conditions to expect.

Hard money lenders are in the secondary loan market, there is little to no regulation of this industry. They are lenders for higher risk transactions, hence deals the retail banks don’t want.

The money is expensive; expect to pay double digit interest rates, higher than normal down payments and a very short loan term somewhere between 12 to 36 months.

With Winston Rowe & Associates ™ streamlined best business practices model they are able to complete most bridge loan transactions in two weeks.

They provide no upfront or advance fee commercial bridge loans in the following states.

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin