Do you currently have a hard money loan? Are you considering extending it? Typically, a hard money loan is a short-term loan, less than 12 months. If you currently have a hard money loan that is maturing and your project is not completed, you may be thinking about extending it.

The extension process for a hard money loan with your lender isn’t too difficult. The possibility of an extension would be laid out in the initial term sheet before loan funding.
The term sheet will tell you the cost, often between 0.5% and 2% of the loan amount.
The term sheet will also lay out the length of the extension. This can be for as little as 3 months or up to 9 months.

If your project is close to completion or its just about to the market, extending may be the best option.

Why You May Want to Refinance

Many times, a borrower is fed up with their lender or the borrower would like a new loan because the property may have appreciated. At Murk Investments, we have funded many such loans.

Approval processes with a new lender may be speedier. The property value may have increased due to the equity put into the property along with market appreciation.
You may be able to receive a larger loan amount. If the lender believes there is more value in the property, the loan amount may increase along with it.

At Murk Investments, we have funded loans for borrowers who have left their previous lender. We understand projects may be in a better condition than when the first loan was issued. Not all projects are the same. Please contact us with your loan scenario and we will quickly let you know if we are interested.

At Murk Investments, we are local to the San Diego area and are comfortable working in this market better than a national or regional lender. We lend on properties in most San Diego markets. One of the most important factors we look at is the cash the investor is bringing into the deal. All of our loans fall under a 65% loan to cost.

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