Address: 601 Jericho Tpk, Syosset, New York 11791
States They Lend In: Nationwide
Hard Money & Bridge Loan Financing
Eastland Mortgage offers hard money on residential homes, investor homes and commercial real estate property, for emergency loan purposes. Hard money is an expensive alternative to conventional financing and is not recommend unless it is for short term use. Hard money mortgage loans can supply financing to a home or property owner when, traditional bank financing will not due to other credit factors. Hard money mortgage loan financing is based primarily on the value of the real estate collateral. We will consider an existing real estate appraisal to minimize unnecessary time delays or cost. The appraisal will be reviewed for acceptability. If for any reason it is deemed unacceptable, Eastland Mortgage or it's investors may require a separate real estate appraisal of the property required for collateral on a hard money mortgage loan. Appraised values are not discounted, but are considered to be conservative to assure security of the hard money mortgage loan to lenders and investors.
HARD MONEY MORTGAGE LOAN - CROSS COLLATORALIZATION
If a larger loan amount is needed on a hard money mortgage loan that is offered based upon collatoral, additional assets such as other real estate, business property or equipment may be collatoralized at the sole option of the homeowner or property owner. This is known as cross collatoralization or "Cross Collatorizing" a loan. It is an effective tool that will allow a lender to finance a larger loan amount, that may be used to either buy down the payment, or create a subsidy account to lower the hard money mortgage loan payments for a specific period of time. For an additional $24,000.0 loan, two thousand dollars may be reduced from the hard money mortgage loan payment for a period of up to one year. The reduction of payment along with other financing techniques, such as the "interest only" hard money or bridge loan option, can vastly minimize monthly payments to a borrower.
Eastland Mortgage has been offering unique and prompt solutions for hard money mortgage loan financing since 1992. All hard money loan programs are not the same. Commercial hard money, private hard money lenders for commercial mortgage financing, may have different terms based on property type, and use. Long Term thirty year mortgage options are available for residential hard money. Interest reduction for timely payments may be offered after one year. Refinancing a hard money mortgage loan may be more cost effective once credit rating, mortgage payment history, clear title have been restored.
- Hard Money Loans to 20 million.
- High LTVs.
- True equity based lending
- No income check available.
- Foreclosures ok.
- $200,000 to $20,000,000 available on hard money.
- Nationwide - All 50 States -
- Bad credit OK - for a bad credit or hard money mortgage loan.
All Hard Money Loan situations considered including:
- Title encumbrances
Hard Money Program designed for Quick Close and Credit Rebuilding
Based on property value
Additional Real Estate, Business property, or other Assets may be used to approve a larger hard money loan amount.
- Rate: 10%-15%
- LTVs on Hard Money up to 70%
- All property types considered both residential and commercial. All types of Commercial Property.
- Hard Money payment reduction program. Let us make hard money affordable while credit is rebuilt.
- Hard Money Loan on actual property/project value, not contracted purchase price.
Bridge Loans - Bridge Financing
Short Term Bridge Loans
Bridge Loan financing to $200k to 15 million +, High LTVs.
True equity based lending. No income check available.
ALL PROPERTY TYPES - COMMERCIAL, INVESTOR, SUPER JUMBO
- $200,000 to $20,000,000
- Nationwide - All 50 States
- Bad credit OK for Bridge Mortgage Loan
- All situations considered including bankruptcy, foreclosure
- 24 Hour Approvals / Emergency Mortgage Closings
- Program designed for Quick Close on Bridge Mortgage Loan
- Standard Bridge Loan - 6.85 -7.25% - LTVs to 65%
- Hard Money Bridge Loan- 10%-14% - LTVs to 60%
- Bridge Mortgage Loan based on actual property/project value
- Asset Based Loan Approval for Bridge Mortgage Loans