Why Choose Riverdale For Your Hard Money Loan?
Oct 05, 2016
Traditional banks are one of the first funding sources people think of when they need to borrow money for a major purchase. and a bank loan can be the solution in many instances. But traditional banks are being very careful about who they lend their money to, and under which circumstances. Banks require a good credit score to be considered, and on top of this, they ask a lot of questions, run reels of red tape as they assess risk and make sure every “i is dotted” and “t is crossed.” When you or your company is investing in commercial real estate, opportunities can come and go very quickly, and while all the details are being sorted out, someone else can snatch that perfect property from right under your nose. That’s just one of the reasons why it is sometimes better to work with a private commercial hard money lender, like Riverdale Funding, LLC in order to fund your commercial real estate expansions efforts.
Riverdale Specializes In Commercial Real Estate Loans
Many people think of a bridge loan as something a person gets when they are moving from one home to another, and the new home becomes available before the old home sells. While this is accurate, it’s not a complete picture of a hard money loan. There’s a whole other side that has nothing to do with typical home ownership and centers around property developers who have bigger fish to fry.
Loans from Riverdale Funding, LLC range from $250,000 and up to $5 million on commercial properties. As acommercial hard money lender, Riverdale works with borrowers to help them succeed with their real estate expansion project. Properties that qualify for a Riverdale loan include retail properties, industrial properties, Residential properties that support at least five households, or 1 to 4 family properties not occupied by the owner, and owned by a corporation of an LLC.
Works With Borrowers To Find The Best Solution
Some people mistakenly look at a hard money loan as simply a bridge loan for those who are looking to buy commercial real estate with bad credit, but Riverdale Funding offers much more than that. While having even average credit can disqualify you for a bank loan, Riverdale accepts applicants with all credit histories. In fact, unlike banks, credit history isn’t the driving force. It’s the potential value of the property in question, which is referred to as the Loan-to-Value ratio. Riverdale funding grants loans for up to 65% of the potential value of the property in question, and with a straightforward application process borrowers see quick turnaround times that allow them to move forward on the transaction as soon as possible.
Available In Many States
Those who are serious about commercial real estate investing don’t necessarily want to confine their investments to a single state or even a handful of adjacent states. This is one area where Riverdale Funding has an advantage, even over other hard money lenders. Riverdale Funding provides commercial hard money loans to borrowers in 28 different states plus the District of Columbia, which widens the possibilities of where you may want to purchase property.
These states include; Alabama, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas,Kentucky, Louisiana, Maryland, Maine, Minnesota, Missouri, North Carolina, New York, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Utah, Virginia. Washington State, Washington DC, Wisconsin and Wyoming
Riverdale Funding loans are granted with terms from 1 to 3 years, and are available as interest only loans, which will help keep your payments under control, and will give your commercial property an opportunity to turn a profit and allow you to pay off the loan when it comes due. Unlike traditional banks that see property for what it is at the moment, we see commercial property the way you do – for what it can be. That’s what makes Riverdale Funding, LLC your perfect hard money loan source as you expand your commercial real estate holdings.