Black Square Real Estate offers residential bridge funding for the experienced real estate investor with higher advance rates and lower interest cost. For investors who want to further leverage their equity, Black Square will advance up to 85% of the purchase price and up to 100% of the rehab costs. With these two loans combined we will advance up to 90% of the total project costs. Our combination of higher LTV advance, low annual interest rate, low origination fees, and a streamlined credit review with no tax returns required. Black Square’s Bridge and Rehabilitation Loans allow investors to do more deals and improve equity return.

Loan Amounts

$75,000 to $2,000,000

Interest Rates

8.75% to 12%

Max Loan-To-Value

70.00%

Max Loan-To-Cost

90.00%

Origination Fees

1.5% to 4%

Loan Terms

12 months to 12 months

Lien Position

  • 1st

Loan Purpose

  • Investment Acquisition
  • Investment Refinance
  • Improve Subject Property
  • Use Equity to Invest in Another Property
  • Value Add Project

Property Occupancy

  • Vacant

Property Geographic Area Details

CA, CO, CT, DC, FL, GA, ID, IL, IN, MD, MA, MI, NJ, NY, OR, PA, TX, UT, VA, WA, WI

Property Types and Loan Types

Collateral Types

  • Residential Property

Property Types

  • 2-4 Units Residential
  • Single Family Residence

Loan Types

  • Private Money
  • Hard Money
  • Residential Fix and Flip

Purchase Loan

Max LTC on Purchase Price

85.00%

Borrower Must Have Property Under Contract

yes

Will Provide Proof of Funds Letter

yes

Will Consider Lending on Purchase from Auction

yes

Allowed Source of Borrower’s Equity

  • Own Cash
  • Partner
  • Equity in Another Investment Property
  • Family

Details and Requirements

Typical Closing Time (Days)

14

Fastest Closing Time (Days)

7

Works With

  • Brokers
  • Borrowers

Payment Structure

  • Interest Only

Pre Payment Penalty

no

Will lend to a foreign national

no

Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage

yes

Will Consider Collateralizing Multiple Properties in One Loan

yes

Will Consider Equity Joint Venture

yes

Borrower Entity Types Considered

  • LLC
  • Limited Partnership
  • Corporation

Documentation Required

  • Credit Report
  • Bank Statements
  • Loan Application

Personal Guaranty (Recourse) Required

Always

Credit Check Required

yes

Minimum Credit Score Required

620

Appraisal Required for Residential Property

Sometimes

Broker Price Opinion (BPO) Accepted for Residential Property

Sometimes

Fees

Underwriting Fee

$750.00 to $750.00

Processing Fee

$500

Legal Fee

Paid to third party

Inspection Fee

Required for rehabilitation loans

Title Fee

Paid to third party

Minimum Origination Fee Amount

$2,500

Fees which are mandatory for all new borrower clients

  • Underwriting Fee
  • Processing Fee
  • Appraisal Fee
  • Credit Report Fee
  • Background Check Fee

Fees which are charged upfront prior to loan closing

  • Appraisal Fee

Fees which are paid to a third party company

  • Legal Fee
  • Settlement Fee
  • Inspection Fee
  • Title Fee
  • Background Check Fee

Legal Disclaimer

This is not a commitment to lend and restrictions may apply. Black Square Real Estate, Inc. reserves the right to amend rates and guidelines. All loans are made in compliance with federal, state and local laws. Licensed under the Utah Division of Real Estate, NMLS ID 1185046, the California Department of Real Estate Broker #01862485, and the Oregon Division of Financial Regulation, License #5456.

Additional Details

We fund 100% of the rehab budget as a 2nd lien position line of credit for the borrower. We advance funds on the line as repairs are completed. Borrower will only pay interest on funds used.

Black Square was founded in 2009 to fill financial gaps in the real estate marketplace resulting from the collapse of the global financial markets. The principals of Black Square have in depth experience gained from purchasing, rehabilitating, renting and selling 1000’s of single family homes for over 35 years.

Black Square’s sole focus is to provide lending solutions to the experienced residential investor. Because Black Square offers commercial loans we are able to base our underwriting on the asset and the borrower’s experience allowing us to approve loans that traditional lenders won’t touch. We offer a streamlined, in-house underwriting process with no tax return requirements.

Licensed under the Utah Division of Real Estate, NMLS ID 1185046, the California Department of Real Estate Broker #01862485, and the Oregon Division of Financial Regulation, License #5456.

 

Licence

NMLS ID 1185046, CA DRE #01862485

Established

2009

Office Locations

Basecamp
807 E South Temple, Suite 200, Salt Lake City, Utah, 84102

Los Angeles
433 N. Camden Drive, Suite 600, Beverly Hills, California, 90210

Orange County
5000 Birch Street, West Tower, Suite 3000, Newport Beach, California, 92660

Florida
8333 NW 53 Street, Suite 450, Miami, Florida, 33166

Georgia
82 Fairground Street NE, Marietta, Georgia, 30060

Illinois
600 W. Jackson Boulevard, Suite 100, Chicago, Illinois, 60661

Maryland
4320 Damascus Road, Gaithersburg, Maryland, 20882

Virginia
1255 Rowland Drive, Herndon, VA, 20170

Primary Capital Source

  • Own Funds

Loan Structure for Majority of Loans

  • Own Balance Sheet

Percentage of company’s lending business focused on private mortgage

100%

Company’s Other Business Activities Besides Private Mortgage Lending

  • Residential Real Estate Investing

Percentage of Loans Secured by Commercial Property

0%

Percentage of Loans Secured by Residential Property

100%

Percentage of Residential Property Loans Which are Fix and Flip

100%

Percentage of Residential Property Loans Which are Buy and Hold

0%

Percentage of Residential Property Loans Which are Owner-Occupied

0%

Percentage of Loans Secured by Land

0%

Percentage of Loans Secured by a Business (not real estate)

0%

Loan Request

This information is about yourself, not the subject property.

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how will the loan be paid off?

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