How to Refinance with a Hard Money Loan in New York
Jun 07, 2016
Whether You’re in New York or California, Consider Refinancing with a Commercial Hard Money Loan
If you’re looking to refinance your commercial property in New York, a commercial hard money loan could help you get some short term breathing room to sell your property or build up enough credit for a long-term financing solution.
However, obtaining a refinance can be a tough job. Below are a few ways to make sure you your property refinance goes smoothly when you make use of a hard money loan:
Find a Reliable Commercial Hard Money Lender
First, make sure you work with a reliable hard money lender. The most reputable hard money lenders will have many years of loan experience and happy customers!
Also, make sure to choose a hard money lender who offers a refinancing facility with terms that are in your favor.
Extremely high rates of interest or inflexible terms and conditions can get you into more trouble in the future. So, you need to ask the right questions, and confirm your local commercial hard money lender provides refinancing deals.
Evaluate the Current Value of Your Property
An appraisal is important because you need to show proof of value and ownership of the property when you apply for loan. You might not be eligible for a commercial hard money loan if the total loan amount exceeds the value of your property, so ask a real estate broker or a certified evaluator to assess the value of your commercial property.
Get Loan Documents Ready
Make sure that all your documents are in place according to the requirements of the lender. At Riverdale Funding, we require minimal documentation.
Riverdale hard money lenders do not require credit score and financial status, though having these documents on hand can make the process go more smoothly.
Apply for a Commercial Bridge Loan
After you decide on a lender and get your documents ready, fill out an application form online and be ready to submit all documents when you connect with your hard money lender. Usually, it takes around five to seven days to get the loan after you apply.
You may be able to look for another long-term finance option in order to be able to repay the hard money loan on time. Remember: commercial hard money lenders in New York offer loans with 1-3 year terms so if you’re in need of additional financing, make sure it’s in place before the end of your loan term.