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Asset-Based Lending: Cove Lending focus primarily on the collateral (the residential property) rather than the borrower’s credit history or financial stability. We assess the property’s value and determine the loan amount based on a percentage, typically known as the loan-to-value (LTV) ratio, up to 85% of the property value.
Quick Approval and Funding: Cove Lending can provide quicker approval and funding compared to traditional banks or mortgage lenders. This speed can be essential for real estate investors who need to act fast in competitive markets.
Flexible Terms: Cove Lending offers flexible terms, which can be customized to meet the specific needs of the borrower and the project. We work together with the borrower to fit the unique circumstances of the transaction.
No Prepayment Penalties: Cove Lending offers no prepayment penalties. Borrowers can repay the loan early without incurring additional fees, which can be advantageous for investors who plan to sell the property quickly.
Access to Capital: Real estate investors and developers can access capital quickly, allowing them to seize time-sensitive opportunities. This is particularly important in competitive markets or when dealing with distressed properties.
Limited Documentation: Traditional mortgages often require extensive documentation, which can be time-consuming and burdensome. Cove Lending requires less paperwork and documentation, streamlining the borrowing process.
Credit Flexibility: Borrowers with poor credit histories may still qualify for hard money loans as long as the property’s value justifies the loan. This can be a lifeline for individuals with credit challenges.
Asset-Based Lending: Cove Lending focus primarily on the collateral (the residential property) rather than the borrower’s credit history or financial stability. We assess the property’s value and determine the loan amount based on a percentage, typically known as the loan-to-value (LTV) ratio, up to 75% of the property value.
Quick Approval and Funding: Cove Lending can provide quicker approval and funding compared to traditional banks or mortgage lenders. This speed can be essential for real estate investors who need to act fast in competitive markets.
Flexible Terms: Cove Lending offers flexible terms, which can be customized to meet the specific needs of the borrower and the project. We work together with the borrower to fit the unique circumstances of the transaction.
No Prepayment Penalties: Cove Lending offers no prepayment penalties. Borrowers can repay the loan early without incurring additional fees, which can be advantageous for investors who plan to sell the property quickly.
Access to Capital: Real estate investors and developers can access capital quickly, allowing them to seize time-sensitive opportunities. This is particularly important in competitive markets or when dealing with distressed properties.
Limited Documentation: Traditional mortgages often require extensive documentation, which can be time-consuming and burdensome. Cove Lending requires less paperwork and documentation, streamlining the borrowing process.
Credit Flexibility: Borrowers with poor credit histories may still qualify for hard money loans as long as the property’s value justifies the loan. This can be a lifeline for individuals with credit challenges.
