What is Fairviews niche?
Fairview specializes in non-conventional commercial real estate loans. Our objective is to create a product that is between the hard money lenders and the stated programs. Typical hard money lenders issue very short term loans (less than oneyear) and charge steep fees up front (many times greater than $10,000). On the other hand, many of the prior stated lenders charged rates higher than banks with very steep penalties for exiting the loan. Fairviews objective is to provide loans with maturities of 1-5 years with reasonable rates and no fees prior to commitment. This will allow borrowers ample time to stabilize their credit and transition into traditional long term financing (bank loan, SBA, etc). For the client, we feel this is the best option for their continued success. What is the typical borrower profile for a hard money loan? I am commonly asked this question by brokers. When we first began lending, I had many preconceptions of what the typical hard money borrower would be like;