Commercial-Hard
Money Loans
Property
Types:
Loans
from $250,000.00 to no maximum
Portfolios
from $250,000 to $50,000,000
Harris
Note Investors structure creative solutions to fund difficult
property situations.
Commercial
Real Estate Permanent Debt Program
Program:
Designed
for the borrower that needs a lite document, easy to close
commercial real estate loan. Designed also for the borrower
who either due to personal problems or time related
characteristics cannot qualify or would have great difficulty
qualifying for traditional institutional quality commercial real
estate financing.
Loan
Size:
$250,000
to no maximum
Location:
Nationwide
except Alaska and Hawaii
Property
Types:
All types
considered except ground up construction and land development.
Lien
Position:
first
mortgage or deed of trust.
Interest
Rate:
9-1/2 -
16% depending upon overall transaction credit quality including
guarantor credit score, LTV, loan amount, property type and
property condition.
Loan to
Value:
50 - 75%
depending upon property type, state and guarantor credit score.
Amortization:
Generally
15 years but will allow 20 on case by case basis.
Loan
Term:
Generally
15 years but will allow 20 on case by case basis.
Origination
Fee:
2% (no
fee for correspondents)
Points:
2 - 5
points depending on situation
Closing:
Approximately
one (1) week from receipt of complete loan underwriting package
and confirmation of real estate value.
Assumption/Transfer:
Provided
the loan is not in default and subject to Lender's discretion,
loan may be assumed for a fee of 1%.
Prepayment/Lock
Out:
Not
allowed for the first two years. 5% of the unpaid principal
balance due during years three through five. After year
five, the loan has no prepayment premium.
Recourse:
Yes
Escrows:
Required
for taxes and insurance.
Click here to
fill out the Quick Loan Request Form. |
