Ocean Pacific Capital is the source for all of your hard money financing needs. With more than 31 years of experience in all areas of lending, including private money lending, we are able to offer specialized loan programs to meet all of our clients’ needs.
Depending on the scenario, we offer up to 65% loan to value and up to 80% loan to cost. However, in some cases, the low loan to values do not accommodate a loan sufficient to pay off the existing mortgage lender; therefore the hard money lender cannot move into the first lien position. Because the basis of a hard money loan is a security interest in the commercial property, the lender almost always requires the first lien position of the hard money loan. In some special cases, as an alternative to a potential shortgage of equity below the minimum lender guidelines for loan to value, hard money lender programs will allow a “cross lien” on another borrowers’ properties. The cross collateralization financing of more than one property on hard money financing is also coined as a “blanket mortgage”. While this may not be applicable to most borrowers since not all borrowers have additional properties to utilize in hard money cross collateralization financing.
For more information or to get started on this process today, call us to speak to one of our experienced hard money cross collateralization financing specialists.