COMMERCIAL HARD MONEY LOANS
Our commercial loans allow you to purchase or buy out commercial and industrial properties when the bank can't make a loan.
Perhaps you're building your portfolio of commercial properties, but the bank can't close fast enough to keep you competitive with the all-cash buyers that have flooded the market. Or you own a commercial building or shopping center, but need the funds necessary to improve it and draw more upscale tenants. Or, you and other family members have inherited a business from a loved one, and you need help getting the funds for a buyout.
No matter the reason, we are prepared to meet your capital needs. Socotra Capital is committed to working with you to customize a residential hard money loan on your terms.
At Socotra Capital, we understand the need to move (and close!) quickly. As a direct lender, we handle every aspect of your loan, from origination to funding and servicing in-house. And we have gone to great lengths in scrutinizing, developing, and simplifying our systems and loan process.
We can often provide same-day prequalification on all types of commercial and industrial hard money loans.
Our Commercial Loan Parameters:
Industrial, office, retail, apartment complexes (5+ units), shopping centers, restaurants, mixed-use, automotive, hotel, special purpose, land, gas stations, and specialty properties.
$100,000 – $12,000,000
6 months to 20 years – interest-only, partially-amortized, and fully-amortized loans available.
Loans are available to individuals, trusts, corporations, and limited partnerships
The ‘buy and hold’ strategy involves picking up an undervalued or foreclosed property with the intent of selling it once the value has appreciated. In the meantime, it may make sense to renovate the property and open it to tenants, or to start seeking more upscale tenants who are attracted by the improvements you've made to the property. But to accomplish this goal, you need cash to purchase and improve these properties. Buy-and-hold hard money loans are a great way to secure the financing you need.
We lend to real estate investors interested in buying and holding properties for long-term cash flow. If you’re buying distressed properties and fixing them up, we can design our loans to maximize your options. We see the value in the ‘buy and hold’ strategy and will design the loan that fits your needs. And with no limits on the number of properties, you can leverage one property or your entire portfolio.
Our underwriting guidelines focus on equity, not borrower credit. We accept borrowers with low credit scores, prior bankruptcies, and foreclosures, so if a bank turns you down, call us! Socotra Capital will work with you to develop a strategy for a long term loan. In fact, you may be able to pay down your amortized loan from the cash flow from renters, which makes selling the property in the future even more profitable! Our streamlined process offers competitive advantages, and has allowed us to go from application to closing of multi-million dollar loans in as little as four days.
Commercial Bridge Loans
Business owners, trusts, corporations and private partnerships often secure hard money loans for their commercial property needs. These private money loans, which can be used to rehabilitate or pay off mature notes on commercial properties, are often known as bridge loans or gap loans. Bridge loans are used in commercial real estate for a whole host of reasons, including: starting a business, making payroll, expanding a product line, buying out a partner, or buying the time necessary to improve a property or stabilize it sufficiently to refinance or sell.
As a hard money lender with years of experience in the commercial lending sector, we understand the needs of business owners and investors. Traditional lenders are limited to providing capital under a strict set of conditions. Socotra Capital is not bound by those restrictions, and can provide bridge loans backed by the equity in a property to meet any number of requirements. We will work with you to make sure that your commercial hard money loan meets your needs and offers the best rates at reasonable terms.
We also offer bridge loans to small business owners that need fast money on property that is held free and clear or with substantial equity. Our bridge loans maximize your flexibility, enabling you to build, purchase, or rehab commercial property.
Cash-Out Refinance Loans
Cash-out refinance loans for business purposes are one of the most common loan scenarios we see today. In cash-out refinance loans, you refinance an existing mortgage loan for a larger amount than the original mortgage. The difference between the original loan and the cash-out refinance loan results in cash, based on the refinanced equity. Socotra Capital can expedite the process, getting you the cash you need immediately. Our rates for cash-out refinance loans are lower than the average interest on credit cards, which makes Socotra a far better option for your business.
With traditional lenders limited to strict loan parameters, Socotra Capital is the top hard money lender in the market, focusing on equity over borrower financials. This gives our clients the liquidity needed for their individual situation. Our underwriting guidelines for cash-out refinance loans focus on equity, not borrower credit. We have originated cash-out refinance loans for borrowers with low credit scores, prior bankruptcies, and foreclosures. If a bank turns you down for a cash-out refinance loan, call us!
Situations for cash-out refinance loan scenarios include, but are not limited to:
- Free and Clear Property
- Purchasing another property
- Crossing another Property
- Paying for Tenant Improvements
- Paying for Rehab Work on a Distressed Property
- Business Line of Credit Pulled
- Pay for Equipment, Inventory, or other Business or Capital Expenses
We can often provide you with same-day prequalification on a cash-out refinance loan.
There is no limit on the number of properties, meaning you can leverage one building or your entire portfolio. We are as good as cash.