Andrea, from Paramus, New Jersey, NJ :
WHAT ARE HARD MONEY LOANS?
Hard Money Loans is the term used for loans funded by private parties who want a safe and high return. Saldino Group is a lender who arranges loans for private investors. We work directly with property buying investors who use these funds to purchase properties, set up new businesses or find the funding they need to expand their current business.

Investors or business owners use hard money loans when they are unable to or do not have the time to obtain financing from more conventional sources.

Richard, from Paterson, New Jersey, NJ :
WHAT DO YOU REQUIRE FROM A BORROWER TO GET A HARD MONEY LOAN?
We only require that you do not have any recent judgments. Other than that we evaluate the property and not you as a person.

George, from Passaic, New Jersey, NJ :
DO YOU HAVE A CREDIT SCORE REQUIREMENT?
Being a hard money broker, what we look at is the property itself. As long as the property meets our criteria, we would take your loan into consideration. We only look at your credit score for pricing purposes and to make sure there are no unpaid outstanding judgments that would take lien position over our lien as we have to be the ones in first lien position.

Phillip, from Passaic, NJ :
WHAT ABOUT TAX RETURNS?
In the states of New Jersey and New York; We do not have to verify any tax returns. We lend primarily based on the value of the property rather than the individual.

Joseph, from Fair Lawn, New Jersey, NJ :
DO I HAVE TO HAVE A JOB OR EMPLOYMENT IN ORDER TO GET A HARD MONEY LOAN?
We don’t require that you have any other type of employment nor tax returns.

Britney, from New York, NY :
WHAT WOULD HAPPEN IF I PAY OFF A HARD MOENY LOAN BEFORE THE DUE DATE :
This is one of the reasons why our investors and borrowers keep working with us, if you pay off your loan in as little as a couple of weeks after you received the money, we will only charge you interest for the amount of time you had the money out.

Guadalupe, from Passaic, New Jersey, NJ :
DO YOU CHARGE A PRE-PAYMENT PENALTY IN HARD MONEY?
No, we do not charge a pre-payment penalty. but there sre some other lenders that do.

Amal, from New York, NY :
DO I NEED TO GET TITLE INSURANCE?
Yes. We require a lender’s policy to cover the lender. Even though the seller is giving a seller’s title policy this seller’s policy does not offer any protection to our investors. So we will require a lender’s policy with standard endorsements to be issued.

Jose, from Paterson, New Jersey, NJ :
HOW IS THE HARD MONEY LOAN PROCESS?
The standard procedure for a HARD MONEY LOAN at Saldino Group is the following :

1. Application Analysis, takes 1 Day.
2. Evaluations, go along with the borrower submitting all documents, takes 3 Days.
3. Approval, takes 1 Day.
4. Closing, takes 1 Day

This process can take as little as 7 business days but for us to be able to work this quickly; the borrower, the title company and the hazard insurance agent, need to work as efficiently as we do.

Jennifer, from Jersey City, New Jersey, NJ :
DO I NEED TO PROVIDE BANK STATEMENTS IF I LIVE IN NEW YORK CITY?
In the states of New York and New Jersey; You only need to provide bank statements if you are putting money down. If you are not required to put money down no bank statements are required.

Edward, from Passaic, New Jersey, NJ :
WHAT IF I HAVE COLLECTIONS?
We take a close look at what the collections are for. If you have collections from a convenience store we are not going to be excited about doing a loan for you. However if you have medical collections we are going to look at them differently. Collections are at our discretion but we are very lenient and want to work with you as the real estate investor to make a deal happen.

Ruben, from New York, NY :
I’VE BEEN DENIED! WHAT NOW?
Lack of experience, no past real estate experiences in New York or New Jersey and/or marginal real estate deals, also not only a poor credit score but a recent history of collections or liens could be one of the reasons why you’re being denied.

If your Hard Money Loan or Commercial Hard Money Loan was denied, we highly recommend doing the following :

Try to increase your liquidity and cash availability by joining an investment club, making partnerships, building credit lines, or by saving, but always remember that hard money loans are secured by a real estate property therefore as a number one rule make sure the property is ready for inspection and appraisal.

Get informed; the more you read and ask other investors about how to proceed in a HARD MONEY LOAN transaction the more prepared you’ll be and the faster you will get approved, specially in New York City where the market is so competitive.

William, from New York, NY :
DO YOU FINANCE OWNER OCCUPIED PROPERTIES?
No. We only lend on investment properties.

Adam, from Fair Lawn , New Jersey, NJ :
WHAT IS LTV?
LTV is a term in the lending industry for Loan to Value. It is the relationship between the amount of the loan against the value of the property.

Carol, from Paterson, New Jersey, NJ :
WHAT IS AN LOI?
Acronym for Letter Of Intent, we use this letter to let the borrower know the initial terms to the loan and also a first draft of the structure to the proposed transaction.

Jeff, from Paramus, New Jersey, NJ :
DO YOU OFFER 100% FINANCING?
No. our loans do not exceed 65% of the value of the property, unless you are buying another property and we can place a first position only on both of them.

Andrew, from New York, NY :
ARE YOUR LOANS INTEREST ONLY PAYMENTS?
Yes. Our loans are typically structured with interest only payments and you only pay them for the time you had the money not for the length of the loan.

Robert, from Brooklyn, New York, NY :
HOW HIGH ARE YOUR INTEREST RATES IN COMMERCIAL; HARD MONEY LOANS?
Interest rates vary from deal to deal. Each deal is negotiated and priced by our team.

Andrea, from Paramus, New Jersey, NJ :
WHAT ARE STATED INCOME COMMERCIAL LOANS?
Commercial real estate stated income loans provide viable commercial funding for consumers necessitating a self salaried or stated income option. If you are financing or refinancing of commercial property stated Income loans will not involve business tax statements. The “no documentation” feature of the financing product means less involvement in the funding. There are numerous scenarios where investors fall into this category. Say you have a business of your own with good cash flow, but little bank credit. A “no doc loan” allows for variable real estate lending with a quantified private source.

Richard, from Paterson, New Jersey, NJ :
WHAT DO YOU REQUIRE FROM A BORROWER TO GET A STATED INCOME
COMMERCIAL LOAN?
We only require that you have a Credit Score of 680 or more and 30% down payment.

George, from Passaic, New Jersey, NJ :
DO YOU HAVE A CREDIT SCORE REQUIREMENT?
What we look at is the commercial property itself and the income it produces. As long as the property meets our criteria, we’d take your loan into consideration.

Phillip, from Passaic, NJ :
WHAT ABOUT TAX RETURNS?
In the states of New Jersey and New York; We do not have to verify any tax returns. We lend primarily based on the value of the property and the business.

Joseph, from Fair Lawn, New Jersey, NJ :
DO I HAVE TO HAVE A JOB OR EMPLOYMENT IN ORDER TO GET STATED INCOME COMMERCIAL LOAN?
We don’t require that you have any type of employment.

Britney, from New York, NY :
WHAT IF I PAY OFF A STATED INCOME COMMERCIAL LOAN BEFORE THE DUE DATE :
This is one of the reasons why our investors and borrowers keep working with us, if you pay off your loan in as little as a couple of weeks after you received the money, we will only charge you interest for the amount of time you had the money out.

Guadalupe, from Passaic, New Jersey, NJ :
DO YOU HAVE A PRE-PAYMENT PENALTY IN STATED INCOME COMMERCIAL LOAN?
No, we do not charge a pre-payment penalty. but there are some other lenders that do.