With a commercial hard money loan, underwriting decisions are based on the borrower’s “hard assets” (real estate assets). Such loans are also called “no-doc loans”, “private hard money loans”, “bridge loans”, etc. For a commercial hard money loan, the lending decision is based on the “commercial asset” (Property) as opposed to relying heavily on a borrowers credit, financials, etc… The loan is secured by a first mortgage.
By relying on the property as opposed to strictly the borrower, private lenders are able to fund transactions that might not fit traditional lending guidelines. Fairview is a unique lender in the hard money space. We our a direct lender and lend our own funds; we underwrite in house without any upfront fees for due diligence, etc… This allows Fairview to provide honest answers quickly without the thousands in out of pocket expenses typically required for a commercial loan (appraisals, tax returns, etc…).