Hard money lending is another alternative to traditional lending sources and allows borrowers to use the investment (in many cases a property) as collateral on the loan. While many lending sources rely on a borrowers credit history, hard money lending relies on the asset in question.
Los Angeles, CA / ACCESSWIRE / December 30, 2014 / The founders of the Philadelphia hard money lending company Hard Money Bankers are proud to announce that they have just opened a new branch office.
A hard money loan is simply a short-term loan secured by real estate. They are funded by private investors (or a fund of investors) as opposed to conventional lenders such as banks or credit unions. The terms are usually around 12 months, but the loan term can be extended to longer terms of 2-5 years.
A hard money loan is another option for real estate investors when a traditional mortgage lender may not work for their situation. A hard money lender uses a property as a "hard" asset and collateral. There a ton of ins and outs. Let’s break it down. Getting Started. A hard money loan is an asset-based loan.
would i be approved for a home loan Mortgage Pre-Approval. When you are pre-approved for a mortgage, a lender has looked closely at your credit reports, your employment history, and your income – and must then determine which loan programs you qualify for, the maximum amount you can borrow, and the interest rates you will be offered.
Q: What is a "hard money" loan? A: Technically, it is a loan that is given in exchange for money, rather than to assist a consumer in buying a house. The latter would be called a "purchase money".
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Hard money lenders may not require a down payment. Hard Money loans are not strictly regulated when compared to traditional bank loans. receiving the funding you need is easier because private lenders tend to be much more lenient and can fund with-in weeks vs. banks funding in months.
Hard money loans are generally lent to borrowers to finance real estate investment opportunities or other collateral backed loans; they are funded by private investors as opposed to banks. A hard money loan might be an appropriate option if you do not have a high enough credit score to secure a loan from a bank.
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