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» Hard Money Can Save Properties in Foreclosure
It's often said that banks only lend money to people who can demonstrate that they don't need it. Truer than we would like it to be, there is fortunately an alternatate source for funds when you really need money. In commercial real estate, there is no more pressing a time as when a property is in foreclosure.
If you have a commercial, industrial, or investment residential property in foreclosure, you may be able to refinance the property and buy it back during the redemption period. Hard money commercial loans are designed to be available for situations where banks and conventional lenders cannot or will not take on the risk to fund. Hard money lenders will generally lend up to 65% of the current quick sale value of the property. If you have a good deal of equity in your property, you can collateralize it, even if the property is in foreclosure.
