Grow Your Investment Portfolio with a Pennsylvania Mixed Use Hard Money Loan
Do you aspire to become a real estate mogul in Pennsylvania, but don’t have hundreds of thousands of dollars lying around for investments? Then hard money lending may be your answer! This is how many successful real estate developers and investors get started in Pennsylvania.
A hard money loan, also known as a private money loan, is a short-term loan that is backed by real estate collateral and is provided by a hard money lender. When an individual or business needs fast access to capital to finance a real estate project, they can look to hard money lenders for funding.
A Pennsylvania mixed use hard money loan is especially attractive to investors because the borrower can use it to purchase both a residential and commercial property in one transaction. This allows the borrower to diversify their investments and increase their portfolio size quickly and efficiently.
How Does a Mixed Use Hard Money Loan Work?
Oftentimes, individuals do not realize that a mixed-use property may contain residential components as it is largely categorized as commercial real estate. Therefore, if you are aiming to finance your Philadelphia real estate purchase with a mortgage loan, then you must be eligible for the specific qualifications of a commercial real estate loan.
Hard money loans, however, are a different form of financing that does not require the same type of qualifications and paperwork associated with traditional mortgage loans. This means that you can quickly get approved with a hard money lender and start your project without any delays.
Whether you want to purchase or refinance a Pennsylvania mixed use property, we offer flexible loan terms and can provide you with the funding you need to quickly and efficiently grow your real estate portfolio, from Pittsburgh to Philadelphia.
How Are Pennsylvania Mixed-Use Hard Money Loans Different?
Pennsylvania’s mixed-use hard money loans stand out compared to other real estate loan options. Instead of receiving the loan from a large bank, it comes directly from private investors, who then set their own eligibility requirements for borrowers.
A key distinguishing feature of our Pennsylvania hard money lender is that our loans typically close in 12-24 months, whereas conventional loans mature in 15-30 years. These short-term solutions may be more financially viable in the short run when a borrower anticipates selling or refinancing the property soon.
Furthermore, compared to the normal conventional loan that can take up to 90 days for completion, a hard money loan has an accelerated timeline and usually concludes in 10-30 days. This is advantageous for investors as it allows them to move quickly on investments without any delays.
Looking for a Hard Money Lender In Pennsylvania?
If you are a real estate investor in Pennsylvania and need to acquire a mixed-use property, then a hard money loan could provide the perfect solution. At Stone Commercial Capital we are experienced private money lenders, and can assist you with the funding you need for your project. Contact us today to get started!
