1) What types of properties does North Shore Private Lending finance?
We provide purchase and renovation loans for house flips, financing for land acquisition and new home construction, condo conversions, multi-family purchases and refinancing, small commercial buildings, car lots, mixed-use properties, and other attractive opportunities.
2) Why would I borrow from you instead of going to a bank or credit union?
We specialize in funding difficult commercial real estate loans and we do it fast! Even situations that may involve mold remediation, hoarding, water damage or other complex repairs are OK with us. Simply put, we are far less finicky and much faster than any other type of finance provider.
3) What size loans do you make?
Our commercial real estate loans generally range from $75,000 to $500,000.
4) What is the first step in getting you to approve my loan?
The first step is easy and we made it that way intentionally! Just call Richard Sokolow at (978) 744-0579 for an immediate consultation on your potential project. We can vet your real estate flipping, speculating, or investment deal over the phone in just a few minutes without a lot of bureaucratic paperwork.
5) Would you lend to me if I’ve never done a real estate project before?
Often, yes. In our view, if you’re savvy enough to find a great deal, and have some basic understanding of real estate and the construction process, we can help you move through the phases of building and renovation. Start with a phone call and we can go from there.
6) My deal is located outside your service area. Can I still call you for financing?
Yes, by all means, feel free to call us with the details of your project. Even if the real estate property is located outside of our typical service area, we occasionally still find deals that are worth pursuing.
7) How much do you charge to borrow money for a real estate project?
For the majority of deals, the cost structure is 12% annual interest plus a loan origination fee of two points. We will typically finance up to 75% of your project costs. Obviously, there can be exceptions to this rule, but that is the norm.
8) Why are your rates and fees so much higher than at my bank?
You are paying for the immediate turn-around and on-the-spot attention that you can only get with a private lender and not a bank. If you are in the middle of negotiating your deal, you need a quick decision – in days, not weeks – and often a hard money lender is the best way to go. We can provide both a quick decision and quick closing – without the bureaucratic red tape found at most banks. In addition, our credit requirements for hard money loans are typically less stringent than bank requirements.
We provide purchase and renovation loans for house flips, financing for land acquisition and new home construction, condo conversions, multi-family purchases and refinancing, small commercial buildings, car lots, mixed-use properties, and other attractive opportunities.
2) Why would I borrow from you instead of going to a bank or credit union?
We specialize in funding difficult commercial real estate loans and we do it fast! Even situations that may involve mold remediation, hoarding, water damage or other complex repairs are OK with us. Simply put, we are far less finicky and much faster than any other type of finance provider.
3) What size loans do you make?
Our commercial real estate loans generally range from $75,000 to $500,000.
4) What is the first step in getting you to approve my loan?
The first step is easy and we made it that way intentionally! Just call Richard Sokolow at (978) 744-0579 for an immediate consultation on your potential project. We can vet your real estate flipping, speculating, or investment deal over the phone in just a few minutes without a lot of bureaucratic paperwork.
5) Would you lend to me if I’ve never done a real estate project before?
Often, yes. In our view, if you’re savvy enough to find a great deal, and have some basic understanding of real estate and the construction process, we can help you move through the phases of building and renovation. Start with a phone call and we can go from there.
6) My deal is located outside your service area. Can I still call you for financing?
Yes, by all means, feel free to call us with the details of your project. Even if the real estate property is located outside of our typical service area, we occasionally still find deals that are worth pursuing.
7) How much do you charge to borrow money for a real estate project?
For the majority of deals, the cost structure is 12% annual interest plus a loan origination fee of two points. We will typically finance up to 75% of your project costs. Obviously, there can be exceptions to this rule, but that is the norm.
8) Why are your rates and fees so much higher than at my bank?
You are paying for the immediate turn-around and on-the-spot attention that you can only get with a private lender and not a bank. If you are in the middle of negotiating your deal, you need a quick decision – in days, not weeks – and often a hard money lender is the best way to go. We can provide both a quick decision and quick closing – without the bureaucratic red tape found at most banks. In addition, our credit requirements for hard money loans are typically less stringent than bank requirements.