A commercial hard money loan can come in handy when you’re seeking money, but struggling to gain approval from a traditional bank. Commercial hard money loans are designed to get money into borrowers’ pockets fast. If you’re interested in a commercial hard money loan and want to know what you will need to gain approval in Tampa, keep on reading.
A two-week commercial hard money or bridge loan can vary in size. You can receive a loan for as little as $50,000 or as much as $10 million. Collateral for a commercial hard money loan involves a free and clear or very low mortgage balance on existing commercial buildings. This will be your equity to get a fast cash-out refinance in 14 days or less. You can also put 50 percent down.
Documentation types for commercial hard money loans include equity-driven, stated, bank statements, lite documentation, and rent rolls leases. At the time of your loan approval, there are no upfront fees. However, you may need to pay for an appraisal of your commercial property and you may need to pay for commercial insurance.
Unlike many commercial investors, we here at Shop Commercial Mortgage never charge any due diligence fees. We also do not charge site visit fees. We strive to make our commercial hard money loans as affordable and accommodating to the needs of borrowers as possible.
When it comes time to close your commercial loan, there are several things you should have. These things include a filled out application, pictures of your property, a copy of all leases if income-producing, 12 months of bank statements, a copy of your purchase contract, a copy of your survey, a copy of your articles of incorporation if applicable, information on your property taxes, a reason for your cash out, a short explanation of your credit history, a business reference or client, a copy of your franchisee agreement, information about your property, and any outstanding liens or judgments.
Once you’ve collected all these documents, you’re ready to work with Shop Commercial Mortgage. To get in touch with our team, feel free to call us or text us at 813-368-9919.
