Address: 4600 Fuller Dr., Suite 200B, Irving, TX 75038
States They Lend In: Texas, Georgia, California, Pennsylvania, Florida, New Jersey
Hard Money Loans
Hard money loans, also known as private loans, rehab loans, bridge loans and construction loans, are a form of real estate investment financing available to purchase and repair a property. Hard money loans do not follow conventional standards that are required by banks or mortgage brokers, which allows you to obtain maximum leverage for a distressed property as well as to obtain funding for repairs. When working with a hard money lender, you will be able to finance your residential investment property as if you were paying cash, and we all know "cash is king".
Landlord and Rental Property Loans
A landlord loan, or rental property loan, is a three step loan process available to those looking to rent out their real estate investment property. The process begins by obtaining a hard money or rehab loan to fund the property plus repair cost, however once repairs are complete the property is refinanced into a 30 year fixed conventional loan, with potentially no money out of pocket.
Sherman Bridge is proud to originate loans for brokers with our new broker program. When you become a broker with Sherman Bridge, you are offered an opportunity to represent one of the best lenders for real estate investors. Work side-by-side with Sherman Bridge and supply borrowers with excellent, low-interest loans for their investments.
Who we serve
The Real Estate Flipper
Real estate flippers profit from buying investment properties with the "fix and flip" code, through buying low and selling high or fixing up a distressed property that is priced low on the market. Sherman Bridge services real estate flippers with a unique set of tools designed to help you to obtain maximum profit from your investments.
Landlords typically will purchase a distressed property to fix up and rent out to a qualified tenant. The profit margin between the amount paid by the landlord on the mortgage and the amount paid by the tenant is called "cash flow." Sherman Bridge works with Landlords to maximize their rental investments and increase cash flow.
With Sherman Bridge’s broker program, you have the opportunity to represent Sherman Bridge to originate loans for consumer investments. Our brokers work side-by-side with real estate investors to finance their investment goals, while earning a profit of their own at the same time.
What type of properties does Sherman Bridge loan on?
Single family residential loans only. The property needs to be detached and below market value, the usual borrower is someone looking to become a landlord or rehab a property that can be sold for a profit. We do not provide funding for land or commercial real estate.
What are the requirements to qualify for a hard money loan?
Most of the underwriting is performed on the asset you are purchase verses the individual, although a credit score above 600 and a minimum of $30,000 in liquid assets is required. The loans are not available to first time homebuyers, and the purchaser can not occupy the homes during the life of the loan. Loans are only made to real estate investors.
How do we determine our loan amount?
By appraisal, the appraisal is based on the scope of work and what the borrower plans to do to rehab the property. The appraiser will assign an after repair value of the home (ARV). In most cases, Sherman Bridge will loan up to 70% of the after repair value but not to exceed 85% of the purchase price plus 85% of the cost of repairs. However, some loan products are available to landlords that do not require a minimum down payment, and 100% could be obtained.
Does Sherman Bridge lend to self-employed borrowers?
Yes. Tax returns are evaluated, and income is a factor in our underwriting process although a borrower with little or no documented income can qualify for a loan if the property is projected to have adequate cash flow after repaired.
What is the minimum loan amount?
Sherman Bridge lends hard money loans at a minimum of $50,000 and a maximum of $1,000,000.