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.
Banks and credit unions are the primary sources of real estate loans that many people initially think about. Regardless of whether you plan to purchase a residential property or a commercial property, you understandably need to finance your purchase with a great loan. Many loan applicants sail through the loan process without concern, but other people have the unfortunate experience of learning that their loan request is denied after wasting weeks trying to get approved. You may attempt to reach out to different banks and financial institutions, but the reality is that most banks and financial institutions have similar requirements. With this in mind, it makes sense to think of more creative financial solutions for your situation. Hard money lenders are able to take a creative approach when reviewing loan applications, and this means that hard money may be a wonderful option for you to consider.
What Are Hard Money Loans?
Hard money loans are an alternative source of financing that are funded through private individuals or private lending companies. Because these are private loans, hard money lenders do not follow a specific set of underwriting guidelines like banks do. You may not have the right credit score or income level to qualify for a bank loan, but this is not an issue with a hard money loan. Hard money loans are collateralized by real estate, so these private lenders do ensure that the real estate that is being collateralized has a sufficient value to support the loan amount that you are requesting. Some private lenders have other relatively minor requirements, but you will find that most hard money lenders are much more lenient than banks and are able to structure their loan terms creatively to meet your specific needs.
What Are Hard Money Loans Used For?
A straightforward real estate purchase is usually funded by a bank or credit union because these financial sources offer the most competitive and desirable loan terms. When a bank or credit union cannot approve a loan request, hard money is usually considered. This means that hard money is not used for run-of-the-mill loan requests. The loan terms for a hard money loan usually include a high interest rate, a balloon payment after a very short loan term and a low LTV in comparison to bank loans. Because of these loan terms and the creativity or leniency of hard money lenders, these loans are commonly used for flipping residential properties or renovating commercial properties. They are also used for other short-term purposes, such as stabilizing income or funding a standard loan request quickly while the borrower attempts to get approved for a permanent bank loan.
Can You Get a Hard Money Loan?
If you believe that you may have a great loan request that a hard money loan is suitable for, you may be curious if you can qualify for this type of loan. Remember that hard money loans are funded by private companies or individuals, and this means that there are not firm rules or requirements that all of these lenders follow. Each has different underwriting requirements and pricing. Therefore, you may need to contact multiple hard money lenders about your scenario. Because lenders usually want to see concrete details about a loan request before offering a firm quote, it makes sense to prepare a loan package that you can easily submit to multiple sources. Before you submit any information to a lender, however, always do a background check to ensure that they are reputable and established.
Hard money financing can be a lifesaver in some situations. Bank and credit union financing for real estate may have very competitive loan terms, but these financial institutions do not have the ability to fund every loan request that they receive. When you have a more unique loan request that banks are not willing to look at, contacting a few hard money lenders is a smart option.
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