914-874-3500

Request An Equity Based Loan

914-874-3500

Request An Equity Based Loan

FAQ

Hard money lenders are private companies that offer alternative loans secured by real estate. These specialized investors provide loans that banks do not
offer, and typically set loan terms for only one year.

The word “hard” is a reference to the loan being secured by the borrower’s real estate as opposed to business furniture or equipment.

Hard money lenders make loans available quickly, require less documentation
and charge minimal upfront fees. While banks loan money to borrowers with good
cash flow, solid credit scores and strong assets, hard moneylenders focus on
the collateral for the loan. Underwriting standards are less complex than full
documentation loans and last minute surprises are kept to a minimum.

Most hard money  lenders demand application fees, points and non-refundable
deposits upfront. They may even initiate the loan with no capital (lendable
funds) to back it up, collect your deposit but have no intentions of providing
the loan to you.

Leahy Partners NEVER charges points!

At Leahy Partners we believe the term “hard money lender” is not a fair
representation of our mission. We are value-based lenders making every effort
to explore all reasonable alternatives to fund your transaction. Loan reviews
and due diligence are performed with our money, not yours, so no upfront fees
are required.

As a value-based lender, Leahy Partners specializes in working with borrowers who do not fit traditional lending guidelines. We have consistently provided innovative, secure financing solutions for challenging, hard-to-fund loans. Our success is built on understanding the unique character of each borrower’s request, and providing them with personal and responsive service.
If you do not have the time or energy to deal with a conventional lender, you should look to Leahy Partners. You will not be bothered with upfront fees, a pile of paperwork or endless concerns from an underwriting committee. Funding commitments usually take only a day or two. Like other value-based lenders, Leahy Partners speeds up the application processing time, making funds available quickly. Unlike banks, our focus is not on your personal financial situation. We aren’t poring over your credit scores, tax returns, earnings records and asset information. Instead, we open up the opportunity for you to capitalize on your real estate. We look at your hard assets—the commercial or investment real estate used as collateral.
Leahy Partners does not charge upfront fees prior to looking at your loan request. As a borrower, you should be very wary of anyone asking you for money prior to a loan commitment.
It’s easy! Simply click on the Loan Application link and send your information to us. We will contact you immediately to discuss your funding request.
Leahy Partners borrowers range from those with bad or slow credit, to the time-constrained, or those in need of quick financing to solve a problem or capture an opportunity.
Leahy Partners takes into account general commercial properties, including office, retail, mixed-use light industrial, single-family investments and multi-unit buildings.
We lend from $30,000 to $1,000,000. Every deal we look at is different. If you are unsure of how you fit, send us a quick e-mail.
We can offer you interest-only, as well as amortizing loans. The specific details of your loan are based on the collateral, your monetary needs, and your exit plan.
We can collateralize two or more pieces of real estate in an effort to fund your loan.

Leahy Partners will determine the rate based on the type of loan and property
securing that loan. Other factors involved are Loan to value and term of the
loan.

Leahy Partners NEVER charges points!

No, although most hard money lenders implement a 3-6 month minimum interest
requirement, we encourage our clients to pay the loan off early and move onto
the next opportunity.

A Letter of Intent, LOI for short, presents the terms of your loan request. It spells out the agreement between you, the prospective borrower, and Leahy Partners, the lender. The document is not legally binding; however, it does clarify the main points of the agreement in an effort to avoid misunderstanding down the line. It will give you, the borrower, a good feel for the costs involved to process your loan.

Title insurance protects Leahy Partners financial interest when funding
value-based loans. Our title insurance policy protects the lender’s
financial interest against competing claims of ownership or liens. If a
contending claim proves legitimate, the insurance company will reimburse Leahy
Partners, the insured, for the monetary loss.

In most cases no. The purchase price is usually a good indicator of value especially if it was a recent purchase.
It is possible to offer a “no-doc” lending product depending on the property type and its value. While Leahy Partners cannot beat a full doc lender in terms of your costs, we can close quickly. This, in turn, may provide the borrower an opportunity to negotiate a lower purchase price on the real estate.
In most instances, Leahy Partners requires that the borrower personally guarantees the loan.
When a borrower does not pay back a value-based loan, the lender can foreclose on property used as collateral. At Leahy Partners, we make every effort to prevent such situations and work with borrowers so that a Notice of Default resulting in the foreclosure process is avoided.
Give us a phone call at: 914 874 3500

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