Blackhawk is a marketplace lending platform that helps real estate borrowers and investors cut the middleman (i.e. banks) and connect directly. Although there is no lack of online marketplace platforms, Blackhawk specializes exclusively in secured real estate loans.
Investors can earn higher returns than other lenders through investments that are secured by commercial real estate notes and have fixed maturity dates. And, borrowers can fund projects that would not be accepted by traditional banks at competitive rates.
Blackhawk loan rates are higher than those offered by most banks, yet they are still lower than most alternatives to traditional bank loans. Also, borrowers who are turned down by banks’ strict eligibility criteria can qualify for a Blackhawk loan.
- Blackhawk lets borrowers set their own maximum rate, which often ranges from 6% APR to 12% APR. The company charges an origination fee of 2.5%. Closing times are faster than traditional lenders. While a bank loan will take an average of 60 days to close, Blackhawk loans take an average of 10 days.
- Blackhawk offers investors annual returns ranging from 6% APY to 11% APY. In comparison, money market accounts have rates of 0.03% APY, CDs have rates of up to 1% APY, and other marketplace lenders give around 6% APY.
The first step is for borrowers to open an account at Blackhawk and create a loan offer. This allows investors to view the loan and determine whether they are interested. Once sufficient investors express an interest in funding the loan, the offer is removed from public viewing and the investors have the opportunity to request more details about the deal. If both parties agree on terms, funds are disbursed by a national title company.
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