I have a client that needs 600k-1M. This will be junior to a bank line that is maxed out at 1.2M. The bank will not increase the line until next year even though they are extremely over collateralized with RE and 5M of A/R (client not happy with bank). A factor came in cheaper than us and got a ~1M dollar subordination from the bank. Funding has not kicked in yet, however. We are going to lend against some free and clear RE client has but it may not be enough and our rates are around 2% per month. Looking for a second option that will be in the <10% APR range. Client has already grossed 10M this year. 1 owner, 800 credit.

And... Hard money loan may take too long. We can lend against RE in 48-72 hours.