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Hard Money Loan

home mortgage rates

ELIXIR MORTGAGE LENDING providing, bridge financing to real estate investors to fund the purchase of non-owner occupied residential and commercial properties, bridge loans, and real estate-backed lines of credit. We are dedicated to providing quick responses to time-sensitive loans, often times with the ability to close in as few as 10 business days. We are committed to the highest level of customer service, because our success lies in building relationships.

Below is a list of our loan requirements, please take a moment to review them.

Bridge Lending Criteria

  • Minimum Credit Score 600 (Some state don’t require credit limit)
  • Minimum Purchase Price $75K
  • Loan Amount: $50K-$2.5M (Some states we offer loans up to 5M)
  • LTV on purchases: Up to 85% of the as-is value or the purchase price, whichever is lower.  Up to 100% of the rehab costs, funded in draws.  ARV as high as 75%.
  • Rates: 8.99-11.99% Interest only
  • Term: 12 Months or 18 Months with an option for an additional 6 months (Some states we offer 1,2 or 4 year terms)
  • Collateral: Non-Owner Occupied Real Estate Only
  • Closing: 10-15 Business days
  • Loan Type: Single Family, Multi-family, Bridge Loans, Real Estate Acquisition, Short sales, REOs, and Bank-Foreclosed Residential Properties
  • Lending Area: Nationwide
  • Brokers: Paid at closing with broker’s points

Please note, loans will be made to a business entity and personally guaranteed by the individuals of the entity.  Required Documentation– Entity Docs-Articles of Organization (LLC) or Incorporation (Corp), Operating Agreement (LLC), By Laws (Corp), Photo ID, Rehab List, 2 Months Bank Statements, Purchase Contract or Payoff Notice if Refinance

Lending Criteria 30 year product

  • Minimum Credit Score 660
  • Loan Amount: $75K-$1.0M
  • LTV on purchases: Up to 80% of the as-is value or the purchase price, whichever is lower.  Up to 75% LTV on a no cash out refinance, up to 70% on a cash out refinance
  • Rates: 5.99-7.99% amortized
  • 30 years, fixed rate
  • Collateral: Non-Owner Occupied Real Estate Only
  • Closing: 10-15 Business days
  • Property type limited to 1-4 family rentals
  • Lending Area: Nationwide

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