A hard money loan is a specific type of asset-based financing which is secured by some property. It is a short term bridge loan that is often taken as a last resort. But it has many other applications since it has a short approval process and does not require your credit score. Unfortunately, there are many misconceptions about hard money loans. Here are some of them: They are Meant Purely for People with Bad Credit With hard money loans, you can...

Are you facing a hard time trying to finance a project? Do you wish to explore a hard money loan option? If so, you must have come across a lot of information concerning hard money loans. While it’s easy to agree with everything you hear, it is equally possible to get misleading information. For this reason, it can be quite overwhelming to sort out what’s true or fiction because there are lots of myths around the subject. But the truth is, ha...

Hard money lenders are usually investors looking to put their money to work. This means that the relationship between you and a hard money lender is fundamentally different from the relationship between you and your bank. This difference in the relationship can have substantial benefits to you. Here are five reasons to choose hard money lenders over banks: Partners When you take out a mortgage from a bank, you gain a creditor. A bank’s sole...

Many people are familiar with a soft money loan, like a car loan, but are unaware of other lending options. For example, a hard money loan is a method of borrowing money without going through a mortgage broker. This type of loan can be a convenient method of borrowing money for a home, and has many benefits. Here are a few things to consider before reaching out to your hard money lender. The Benefits of a Hard Money Loan It’s Quicker: Worki...

Research findings indicate that about one-third of Americans have bad credit, and if you are part of this statistic, then you probably want to think about hard money lenders. Nobody wants a poor credit rating, but sometimes downward financial spiral hits hard. Mainstream financial institutions have strict policies and defaulting them can make it hard for you to handle pressing financial issues. Hard money lenders take a different approach from co...

If you are a real estate investor, hard money loans should excite you. Compared to bank loans, hard money loans are easier to secure. The leniency of these types of loans makes them ideal even for investors with low credit scores. The loan-to-value ratios of hard money are 60 to 70%, which means that the lenders are at a lower risk of losses. The hard money loan industry has remained a mystery to most people. There is a misconstrued notion about ...

Most people who want to advance towards financial stability need to borrow some money from time to time. Unfortunately for people who have fallen into tough times and defaulted on loans in the past, getting financing from mainstream financial institutions is hard. Default or late loan payments result in bad credit ratings. The traditional financial institutions usually have very rigid policies. Due to these policies, lousy credit rating often sou...