Bay Mountain Capital, a direct private money and hard money lender located in Texas, providing short term financing to real estate investors since 2009, recently closed a single loan transaction for $4.4 million.
Dean Lontos, Bay Mountain Capital managing partner explained, “This is a record loan size for us and provides evidence that the niche role of hard money lenders remains strong. Borrowers continue to find our terms and structure a compelling way to get their deals done. As this recent closing illustrates, we are extremely proud to be able to serve our clients, and our industry, at such a high level. Real estate entrepreneurs need to move quickly to be successful. They need to be able to acquire their target properties and execute their business plans without the extensive requirements and longer time frames of institutional financing. That’s what we are here for.”
On average, Bay Mountain provides single-family investment borrowers with loans that typically range between $50,000 and $500,000. However, this transaction demonstrates Bay Mountain Capital’s ability to fund larger commercial deals. These transactions have been historically served by banks, private investment firms and other sources.
Phil Sanchez, a Bay Mountain Capital finance and investor relations professional added, “This, and other recent transactions, are a clear sign that Hard Money loans are as much about the process as the amount. When borrowers are looking for short term capital they like our simple, common-sense approach. Our loan amounts are based on the completed value of a property, including proposed improvements, which allows for higher leverage than a bank may offer. This is attractive to real estate investors, even at the $4.4 million level.”
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