Phone: (212) 201-0750
Address: 11 Middle Neck Road, Suite 400A, Great Neck, NY 11021
States They Lend In: All 50
Q What do I need to qualify as a borrower with Sharestates?
A borrower (aka “Sponsor”) can be a real estate developer, a real estate rehabilitator, or any other property owner looking for funding. To get a project financed, the developer must be an entity, not a physical person. Sharestates works exclusively with experienced borrowers, who can provide a strong track record. Sharestates runs each borrower’s background and credit for approval. All new projects provided by a returning developer will still be reviewed individually. No projects will be reviewed if developers FICO is less than 650.
What are the interest rates? Are there any additional fees?
- For debt loans Sharestates charges 8-14% interest rate and for equity loans – 10-20+% interest rate. Additionally Sharestates charges 1%-5% origination fee to each issued loan.
What types of projects does Sharestates finance, and what loans are offered?
Sharestates finances residential, multi-family, and commercial real estate projects. We are ready to offer hard money and bridge loans, also mezzanine and equity financing.
What is the maximum I can borrow from Sharestates?
- Sharestates finance up to 80% total loan amount. The exact LTV (loan to value) ratio is set during underwriting process. If borrower is looking for both, purchase and rehab loan, both loans sum cannot exceed more than 80% of total project value of 65% of the After Repair Value (ARV).
What is the typical maturity period for loans?
- The typical maturity period with Sharestates is 12 months. On a case-by-case basis, two 6 month extensions may be granted.
How long does it take to get funding?
On average, funding can take 15-30 days.Closings can be as fast as 5-7 days, depending on the complexity of the deal.