We help real estate investors get hard money/private money loans for their next project. Money and finances should never be the obstacle that stops you from succeeding. We regularly help entrepreneurs, real estate investors, and businesses of all sizes challenge the status quo. We take risks on the go-getters, and do’ers – who have an opportunity and need a partner.
At Delancey Street, we invest in people and their ideas – not abstract concepts like credit scores, or other financial metrics. Tell us about your idea, let’s discuss your opportunity – and how we can help you capitalize on it. For years, our team members have been helping people capitalize on opportunities using hard money loans, private loans, reverse mergers, other financial vehicles.
We fund loans up to 80-90% LTV. We look at the value of your property, and your overall business plan when deciding whether to fund you.
We realize deals can disappear if you don't have fast funding. We promise to treat you like a partner, and work fast to help you get funding.
We're a growth focused private money lender. That means we work fast to fund your deal, and there's no limits on what we can do for you.
Residential refinance in Los Angeles, with a loan amount of $830k, at 75% LTV. We were able to help the investor get a loan at 8.99% with a balloon payment after 18 months.
Delancey Street funded a new residential purchase in California, for $1.2 million with 82% LTV. We helped the developer with a loan at 11% with a balloon payment in 9 months.
On the other hand, we denounce with righteous indignation and dislike men who are so beguiled and demoralized by the charms of pleasure of the moment, so blinded by desire.
You might think that you have your whole financial life figured out when a crisis strikes. It is at that moment that you understand why lending and the ability to borrow are so important. It is also at that moment that you will probably understand why it is so critical that you learn a little about the different types of loans that are available. One of the types of loans that you will probably want to know a little more about is a hard money loan. In this article we will explain a little more about these loans and the pros and cons of taking one.
Hard Money Loans Are For People With Assets
Hard money loans are specifically for people who have some valuable assets to their name. Someone who has a house or other piece of property might qualify for a hard money loan if they desire to take one out. The purpose of these loans is to help someone get through a short-term cash crisis that they might have. The are intended to only be held for somewhere between one and five years.
Assuming that you do not have an asset like this, you are not going to be able to get a hard money loan. Make sure you remember this when you are considering your borrowing options in the first place. Those options may not be as broad as you had hoped if you are not someone who has property to your name.
Why People Like Hard Money Loans
Keeping a solid credit score is not an easy thing to do in today’s world. There are a lot of ways to fall off the wagon so to speak. We end up overspending and often live beyond our means. In some cases we have medical bills or other unavoidable circumstances that contribute to the credit score problems that we have. This is why it is nice to know that there are still loans out there for those who do not have the most stellar credit scores out there.
These Loans Are Fast- Don’t like having to deal with a lot of red tape and bureaucracy? You are not alone. There is a lot of that mess to go through with the traditional lending industry. It can take up a massive amount of your time before you know it. Instead of submitting to that process, why not consider a hard money loan that can be completed at a much faster clip?
The Lender Isn’t Judging You- Getting a hard money loan does not require a lender digging through all of your personal credit history. Borrowing from a lender who does do all of that digging can definitely feel like an invasion of your privacy. Most people do not appreciate it when the lender has that much power over them. Instead, go with a hard money lender who just cares that you have enough collateral to pay for the loan in the event that you do not keep up with your payments.
How These Loans Can Go Wrong
A hard money loan going wrong says everything about how you handled the money and the responsibility that was given to you. It does not come back on the lender themselves. They gave you a chance by offering you the money in the first place. The fact that you made mistakes is on you. That being said, here is some of what can happen and things to consider before taking out this loan.
The interest rates are going to be higher with this type of loan than they would be with a typical property loan. You have to pay more because you are more of a credit risk than other people would be. It is just a simple fact that you pose a bit of a risk to the lender by not necessarily having the best credit score in the world.
This type of loan is going to require that you put up your property or whatever it is that you have that has value to it at risk on the loan. That is essential once again because of the fact that you do not have the kind of credit score that others who borrow traditional loans would have.
You have to honestly ask yourself if you can afford a short-term, high-interest loan betting your property against it. This is not to say that they are not for anyone. There are some who can honestly do this just fine. However, there are many others who may not necessarily have the ability to make those payments on time. They should avoid this kind of borrowing as best as they can. They will surely make a big mistake if they don’t.
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