Frequently Asked Questions
We pride ourselves on offering personalized loan solutions tailored to meet their specific needs. Our commitment to transparency, flexibility, and excellent customer service has made us a trusted lending partner for real estate investors and brokers alike.
We've compiled a list of frequently asked questions to provide you with quick and helpful answers. If you have a question that is not addressed below...
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A hard money loan is a loan that is secured by real estate, uses private funds, and often has a shorter term and a higher interest rate than a traditional loan. At RAM we manage our own fund with a pool of investors which allows us to make the decision fast and provide you the funding within days.
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Hard money loans are commonly used to finance investment properties such as fix-and-flips, rental homes, or commercial buildings. Single-family residences, multi-family properties, office buildings, retail spaces, hotels and industrial assets are all eligible.
The amount you may borrow with a hard money loan is determined by the value of the collateral property. Lenders will typically lend up to 70% of the value of the property, while certain lenders may give greater or lower loan-to-value ratios based on the the value and type of the property and borrower's creditworthiness.
Hard money loans are usually for six to 24 months, however certain lenders may provide longer terms up to 36 months. Interest rates can range from 8% to 15% or higher, and a balloon payment may be required at the conclusion of the period.
The process starts with filling out a loan application and collecting a streamline document list - loan application, credit report, income of the property, title report, valuation of the property. Then it goes to the underwriting department who reviews the docs and advises the loan committee on the final decision.
Yes, certain lenders are willing to provide hard money refinance loans that allow you to refinance an existing mortgage using the equity you have in your home. Such types of loans, however, usually have higher interest rates than regular refinancing hard money loans, and take more time to get processed.
If you default on a hard money loan, you risk entering the default and foreclosure process specific to the state that the property is in. When taking out a hard money loan, it is critical to thoroughly weigh the risks and have a solid exit strategy. We are here to help you with both.
Hard money loans may typically be funded faster than conventional loans, in as little as a few days or weeks, as we can accommodate almost any timeline. This is due to the application and approval procedure being significantly easier and faster than that of a traditional loan. Plus, having and in-house underwriting and processing departments makes it extra speedy.
The opportunity to obtain capital fast, the freedom to utilize the loan for a range of property kinds and uses, the possibility for better returns on investment properties, raising equity and increasing the liquidity are some of the advantages of using a hard money loan. It can be used with low credit score or bad credit history, no financial docs or income requirements, delapitated properties, delinquent payments and junior liens (subordinate financing), fix & flip, and construction.
When looking for a money lender, seek for one with a strong reputation, low interest rates and fees, and expertise lending for the type of property you need funding for. Don't fall into a trap of low rates and no fees, seek a lender with strong reputation, solid track record of funded deals, and expertise in lending for a type of property you need the funding for. Before signing the loan agreement, you should thoroughly understand the loan's terms and conditions and ask any questions you may have.
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We are here to listen to your goals, understand your investment needs, and provide you with the personalized advice and financing options that can propel your real estate ventures forward. Whether you're seeking quick funding for a time-sensitive opportunity, looking to bridge the gap in financing, or aiming to maximize returns on your investment, our team is ready to assist.
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