In January 2006, Gelt Financial Corporation unveiled it's "Hard Money Loan" in order to serve the needs of the borrower needing true asset based lending.
"Hard Money" takes on many meanings in the mortgage industry. Gelt will still stick with its target cliental of real estate investors and small business owners. Gelt will not lend to individual home owners on properties that they live in.
Gelt's "Hard Money loan" will allow borrowers who have the need for lenders to look past their credit obstacles and inability to verify their income.
Program Highlights:
No minimum credit score
No property seasoning
No personal income qualification
No personal tax returns
No personal bank statements
2,000,000 maximum loan amount
Interest only
2 year term
50 percent maximum LTV
Vacant properties at reduced LTVs
Properties in less than average condition at reduced LTVs
Geographical restrictions apply
No rural properties
We're looking at the property to sustain the loan... Not the borrower.
