Contact us for a free consultation about your hard money or private real estate loan.
Client Testimonial: We had gone to many other hard money lenders and found that Prime Resource Capital offered the best services and lowest rates. The trust factor played a big part in decision to go with Prime and we’re glad we did. – E.L. Phila, PA
Client Testimonial: Prime Resource was so helpful in getting us the funding we needed to purchase another fix and flip. Thank you for the fast and smooth transaction. – K.C. Dallas, TX
Rehab or Fix and Flip Loans
We provide construction and rehabilitation (rehab) loans for various projects.
Valuations methods vary, but most loans are based on an After Repair Value (ARV) or the As Is value (AIV).
Loans may cover the acquisition up to 90% and 100% construction costs.
Common Variables we use in underwriting:
- Purchase Price
- Scope of Work with contractor proposals
- After Repair Value
- Borrower background, Credit Scores and Experience
No two projects are the same and we understand the difficulties of such projects. Customized solutions are our specialty. Repeat clients choose us for their financing needs
Rates and Criteria for Hard Money Loans and Bridge Loans
- Min: $200,000 (call for exceptions)
- Max: $100MM+
- If you are ready for close, we can Fast close! 7-30 days depending on the situation – call for your best options.
- Types of Collateral:
- Single Family Residences for Flip, Investment, or any other Non Owner Occupied use.
- Multi-family, Mixed Use and Commercial.
- Amortization: Interest only.
- Short Term (12-24 months).
- Extensions available.
- Permanent Loans strategies available – call to discuss.
Recent examples and use of a Hard Money or Bridge Loan:
- Brooklyn Brownstone, NY
- Loan amount $1,350,000
- Property Value $1,850,000
- Retail Properties in Long Island, NY
- Loan amount $700,000
- Property Values $1,850,000
- Package of Mixed Use Properties – Jersey City, NJ
- Loan amount $2,900,000
- Property Values $5,780,000
- Multi-Family Dwellings in Boston MA suburbs
- Loan amount $1,820,000
- Property Value $3,100,000
- Non-Owner Occupied Single Family Residence (SFR) in Lakewood, NJ
- Loan amount $175,000
- Property Value $350,000
- Proceeds used to purchase another property
- Fix and Flip – SFR – Non-Owner Occupied – East Hampton, NY
- Loan amount $810,000
- Property Value $2,100,000
- 3-Unit Residential Building in Brooklyn
- Bridge Loan amount $1,000,000
- Property Value $1,700,000
- Use proceeds to make repairs and other investments
- 2-Unit Non-Owner Occupied Purchase and Flip – Yonkers, NY
- Loan amount $258,000
- Value $425,000
- Multi-Family Home – Connecticut
- Loan amount $365,000
- Commercial Strip Shopping Center
- Loan amount $650,000
- Pay off tax lien and other debt
- Loan amount $200,000
- Acquisition and rehab
- Luxury Hotel
- Loan amount $2,500,000
- Construction and Rehab
- Industrial Building
- Loan amount $880,000
- Buyout Partner
- Vacant Land
- Loan amount $1,900,000
- 50% LTV
- Acquisition for future development
Typically we can close a Bridge, Rehab and Hard Money loan within 10-14 business days. Many times it is at the borrowers speed of information gathering that will determine how quickly we can close. We have had instances where we closed loans within 5 business days. Most Hard Money and Bridge Loans depend on the underlying asset to determine loan approval.