Address: 1660 Hamilton Ave., Suite 100 San Jose, CA 95125 United States
States They Lend In: California
Private money (hard money) loans are real estate loans funded by private investors. Loan brokers and borrowers often turn to private money for transactions that fall outside of the more restrictive, conventional loan programs offered by banks.
Foley Mortgage Group is a direct private money lender. We originate, underwrite, fund and service loans right here in our San Jose office. At Foley Mortgage Group we take a common-sense approach to underwriting so you don’t have to worry about inflexible loan conditions.*
- Loan amounts from $50,000 – $1,250,000
- Condition issues ok
- Residential loans up to 70%
- Commercial loans up to 65%
- Non-owner occupied
- Flexible credit criteria
- No limits on cash out
- Ability to repay is required
- Terms from 6 to 60 months
- Owner occupied ok for bridge loans and business purpose
- Lots, ranches, acreage & tear downs up to 50% loan-to-value
These loans are ideal for contractors or investors in need of short term financing (typically 6-12 months) for a restoration project, remodel or general real estate fix-up. This type of loan can help you maximize profit when your renovation is complete and it’s time to sell or rent.
Properties Held in Estate Trusts or Probate
Banks and conventional lenders often won’t lend to heirs, executors or successor trustees. This limits the executor’s ability to pay taxes, buy out heirs or get a loan to fix up the property. Foley Mortgage Group has no such limitation and is glad to lend to inherited estates or properties in probate.
Commercial, Multi-Family and Mixed-Use Properties
Busy real estate investors are weary of the lengthy application and documentation processes that banks require for commercial real estate financing. At Foley Mortgage Group, underwriting takes a simpler approach: is there sufficient equity (up to 65% LTV) and how will the payments be made?
Business Purpose Loans
Are you starting a business or do you need a cash infusion for an existing one? If you’re unable to meet the strict underwriting criteria required by your conventional lender, give us a call. Foley Mortgage Group has been helping small businesses realize their full potential since 1957.
Lots, Ranches, Acreage and Tear-Downs
At Foley Mortgage Group we can loan on vacant lots, unimproved acreage and tear-downs. The maximum loan-to-value is 50% and the borrower must document that they have the ability to re-pay.
1031 Exchange Completion Loan
The short timeline of a 1031 exchange can instill fear in the heart of even the most seasoned real estate investor. This type of loan is helpful if a deadline is looming and quick financing is needed.