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Hard Money Loan Examples

Mortgage Lenders

Mortgage lenders typically have a minimum credit score and other requirements to approve a mortgage.

Hard money loans are useful for borrowers who need to get a loan done fast, challenging credit, or unique situations.

Hard money lenders generally move faster than regular mortgage lenders.

Types of Hard Money Loans

Hard money lenders will often only lend up to 60% to 70% of a property’s value.

Many hard money lenders do not necessarily require you to own a property for 6 months of a year before they allow a refinance.

The appraisal for the property must be realistic. Most hard money lenders will make a loan based on equity. As such, they need to make sure you have enough equity to protect their investment.

Hard money lenders often require very little loan documentation.

Many hard money lenders do not require a minimum credit score. Borrowers with less than 500 credit scores may still be able to be approved.

A refinance through a hard money lender may be a way to avoid paying off old debts listed on your credit report. Hard money lenders often only focus on debts that are attached to your property.

You may be able to get a lower payment by setting up the loan as an interest only loan.

Loan sizes are not as restricted as they are with mortgage lenders. Hard money lenders can often lend up to several million dollars on a loan.

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Source: www.ezinearticles.com