Posts Categorized: Hard Money Tips

Hard money loans allow you to bypass traditional lenders and get money using your physical property as security. These are the most common types of loans for people with a bad credit score, as banks will consider you a high-risk borrower if you don’t have a good credit score. There are several types of hard money loans, however, all of them have flexible terms, quick delivery of funds, and much higher approval rates. Hard money loans usually require anywhere from 30 to 40% down. Here are some of the types of loans offered by a hard money lender. Mortgage Refinancing This is one of the…
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Hard money loans provide an excellent capital source for home investors looking to get their feet wet in the real estate sector. These loans have less stringent approval processes with a faster processing time than traditional lending. With close to a third of Americans having low credit scores, private money lending provides an attractive alternative for real estate investors to grow their portfolios. It is important to note that hard money loans are short-term in nature, requiring you to pay them off in one to three years. They also attract higher interest rates that lay between 7.50% and 12.50%. As such, your hard money lender…
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Handling financial emergencies in your home or at work can prove a hectic task. Banks and other financial institutions can help you get the financial aid you need, but it is hard during emergencies. Looking for a hard money lender should be the next step you take. It is easier to secure a loan from the lender, as long as you have collateral. This can make securing these loans the best possible option when you’re in a bind. But how do you find the right hard money lender to work with? Look for Transparency The right hard money lender should be transparent and abide by…
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A Hard money loan is an alternative form of financing away from the traditional banking system. Investors should understand what a hard money loan is and what it has to offer. Hard money loans provide an investment option that keeps your business afloat. The U.S. is among the few nations with a high consumption rate for loans. Unfortunately, over 68 million Americans cannot access these loans due to their poor credit records. The good news is that hard money lenders are not interested in your credit record but the value of the property being financed. Keep reading to understand what is a hard money loan…
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Do you suffer from poor credit? One-third of the citizens in the United States have poor credit. However, when you need money, you need money. How are you going to get the money you necessitate with bad credit? Even if a bank would loan you the money, they take a long time when it comes to processing any loan. You deserve a fast and easy way to secure a loan with as little hassle as possible. When you talk to hard money lenders, they can help you get the money that banks won’t lend. Get Money When Banks Won’t Lend it to You Have you…
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If you’re like most Americans, you probably have a dream of one day owning your own home. However, financing your dream can be difficult, especially if you have bad or no credit. Most people think that you need to be eligible for a loan or have a lot of money saved up to buy a home. However, you have other options to make home ownership a reality. Here’s what they are. Look for private money lenders for residential owner occupied homes. If you’re like one-third of Americans, you have bad credit. One option you have for financing is through private money lenders for residential owner…
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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 access financing regardless of your credit score (good or bad). Private money lenders use an asset as security. It can be crucial for people…
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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, hard money loans, available via a private money lender, are quite common. And, if you understand how to utilize them, they are effective. To…
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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 concern when you apply for a loan is your creditworthiness and its sole interest in funding your project is to make sure it is repaid. A bank, in short, does…
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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: Working with a hard money lender is quicker than going through a bank for a loan, and you can typically expect to receive your…
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