Do you have additional questions? Check out a list of frequently asked questions below.
Generally, hard money refers to a loan from one business to another secured by an asset or assets. In my case it would be secured by real estate that your company owns.
Hard money can be a fast and simple way to acquire a property. Many factors to include quick closings, slow banks, low to no documentation and flexible terms make it a good choice. Often, freeing up some cash allows for the purchase of other assets that will make additional profits. Especially if available cash assets were put into the current property and will not be free until the property is sold. This allows the company to use cash that might otherwise be locked in the property.
Each deal is different. What Prairie can fund depends on a variety of factors that don't lend themselves to a matrix. Contact us today to discuss the deal, and we can usually find a solution within minutes.
On some occasions I will make an exception. Contact me today to find out more.
I use the word "funded" for the deals my company, Prairie Capital, Inc. funded because it complies with state statute. On 1 to 4 unit residential properties, a licensed originator must originate the loan. So Prairie will fund the loans, but not originate the loans. An outside firm is retained to originate the loan.
If the deal makes sense for you, simply set up a company and deed the property to the company. This is a very straightforward process and is easy for the owner or an attorney to do. Most attorneys recommend owning real estate in an LLC for asset protection purposes.
If the payments have been regular and are current, we can certainly discuss an extension.
No. While credit score may be supplied, the loan is based on the asset or assets available rather than a credit report.
Typically the company is an LLC and does not file a tax return. As long as the title is clear of income tax liens, that is not an issue.
Great question. Since the loans are equity based, the deal should be fine if I feel that the equity is there. There would be an extension fee.