FREQUENTLY ASKED QUESTIONS
Read answers to the 10 most frequently asked questions about hard money lending at Black Brook Capital.
A hard money loan is a short-term loan that values the asset (real estate) over the credit or income of the borrower. These loans are typically used for the acquisition and repair of investment properties.
Unlike a bank, hard money lenders consider the after-repair value (ARV) of the property and industry experience of the borrower when preparing a loan package and rate.
We currently focus our service in parts of Milwaukee, Ozaukee, and Waukesha Counties. Please contact us if your property is outside of these areas.
Our standard loan is 6 months on an existing property and 9 months on new construction, but can be tailored to fit your needs.
Yes. We typically have a maximum loan of $500,000 to a single company/investor. Most of our loans are between $150,000 and $300,000.
Yes, it is $50,000.
No. You can use our loan for the full term or just a few days.
Most loans can be closed in 14 days or less.
Yes. Your loan can be for the purchase of a property, for the repair of an owned property, or for both. If funds are required for repairs, a detailed scope or bid is required. That money can be accessed as often as you like after a progress inspection is requested and completed to our satisfaction. Funds are typically available within one business day of the delivery of the inspection report to our offices.
Depending on ARV and the structure of the deal, you may need a down payment. Additionally, you will be required to pay the origination fee, legal fees, and closing costs.
At this time, our loans are only available to companies for properties titled in the company’s name.