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Dear Mr. Noble,

Once again my clients decided to work with you and your team and once again they thanked me for my referral and the outstanding job done by your company.

Michael Mikhailov
Attorney

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HOME / Hard Money  

Hard Money Loans

HARD MONEY FOR RESIDENTIAL PROPERTIES

Hard Money financing for residential properties is a short-term, bridge loan secured by real estate and traditionally used until permanent financing is put in place. An excellent alternative to conventional bank loans, a bridge loan can be an ideal solution for time-sensitive transactions. For commercial hard money financing and products, click here.

Bridge loans are commonly used to solve immediate business concerns challenging working capital, real estate transactions and improvements, and debt. Great Northern Mortgage can provide a ready solution to pressing situations individuals and businesses face including acquisitions, crucial repair work before insurance claims are settled, impaired credit, borrower distress, foreclosures, tax liens and judgments, bankruptcies, estate taxes, litigation, vacancies, blanket mortgages, divorce, illness and death.

Great Northern Mortgage is able to provide funds quickly because we have access to national and international sources of private capital. Since these sources use their own private funds, they are not encumbered by prohibitive regulations, which institutional lenders must follow.

Main benefits: flexibility, speed, cost-effective and competitive relative to other financial options.

Please contact us or complete our Application Form if your loan scenario cannot be adequately handled by traditional lending sources either due to time constraints, deal complexity or the transitional nature of the property.

Qualifications
  • Loan Size – $200,000 to $2,500,000
  • Type of Properties – 1 to 4 families (residential only)
  • Acceptable collateral – real estate, royalties, and other fixed or liquid assets
  • Terms – 90 days to 36 months
  • Rates – 9% to 24% per annum, interest only, depending upon collateral and loan structure
  • Fees – 3 - 10% (U.S. only) of the loan amount as origination and underwriting fees
  • In some cases, interest, fees, and points can be included in the loan
  • Prepayment – NO prepayment penalties
  • All loans are based on a Loan-to-Value Ratio that’s up to 65% of the quick-sale value of the collateral, with raw land and transitional buildings limited to less. If the loan is used for renovation or construction, the loan amount can be based on the improved value, and would be disbursed in stages as work progresses. See Rehab Loans.
  • Bank workouts, foreclosures, bankruptcies, purchases and bankruptcy financing are all acceptable, as are other kinds of complex funding.



NMLS #108318 • REGISTERED MORTGAGE BROKER • NY, NJ, PA, and FL BANKING DEPARTMENTS 
ALL LOANS ARRANGED THROUGH 3RD PARTY LENDERS
1430 Broadway, Suite 1207, New York, NY 10018