10 Common Questions Answered
At Granite Street, we provide fast, flexible financing for real estate investors and business owners. Here are answers to 10 common questions we receive.
1. What is a hard money loan?
A hard money loan is a short-term loan secured by real estate. Unlike traditional banks, private lenders focus primarily on the value of the property rather than the borrower's income or credit history.
2. How quickly can I get funded?
We can typically close qualifying loans in less than 5 business days, sometimes in less than 48 hours, depending on the transaction and title condition.
3. How much can I borrow?
We generally offer loans ranging from $25,000 to $1,000,000, with larger loans considered on a case-by-case basis.
4. Do I need good credit or proof of income?
Not necessarily. We focus primarily on the real estate collateral, available equity, and repayment strategy rather than traditional income and credit requirements.
5. What types of properties do you lend on?
We consider non-owner-occupied residential properties (sometimes owner occupied with verified business purpose use of funds), rental properties, commercial buildings, multifamily properties, vacant properties, and land.
6. Do I need an appraisal?
Almost never! We determine property value through our own evaluation without requiring a traditional appraisal.
7. Can I borrow against a property I own free and clear?
Yes! We regularly consider loans secured by properties without existing mortgages, allowing owners to access their equity without selling.
8. Can I get a loan if my property already has a mortgage?
Yes, depending on the available equity. We may be able to refinance your existing mortgage or consider a second-position loan.
9. What are your interest rates and loan terms?
Rates, fees, and terms vary depending on the property, loan amount, available equity, and overall transaction. Contact us for a quote tailored to your scenario.
10. Why choose Granite Street over a traditional lender?
We lend our own money, allowing us to make decisions directly, offer flexible financing solutions, and close quickly without the lengthy approval processes often associated with banks.
