4 Qualifications You Want for a Hard Money Loan

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private money lender

A hard money loan is a loan that’s based on the value of the property, not on the borrower’s creditworthiness. Hard money loans are usually short-term loans, lasting from one to five years. They’re typically used for rehabbing properties or for investment purposes. Here are the qualifications you’ll need to get a hard money loan. 1. Good Equity When it’s time to get a hard money loan, the lender will want to see that you have some “skin in the game.” In other words, they’ll want to see that you have some equity in the property. Equity is the portion of the property’s value that…
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How Quickly Can You Get a Hard Money Loan?

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hard money loan

You learn that a co-worker wants to unload a house ASAP. You see the potential to make a good profit by flipping the house. They want a reasonable amount, but you don’t have enough in savings, or strong enough credit, to swing a traditional mortgage. Nor will the other party wait the 6 weeks or more a traditional mortgage process requires. What do you do? The solution could be a hard money loan from a private lender. What Is a Hard Money Loan? It’s called a hard money loan because it’s secured by a hard asset: the property itself. These are non-bank loans permitting real…
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3 Tips to Improve Your Credit for a Loan

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hard money loan

Every now and then, a time may come when you need to apply for either a conventional or hard money loan. If you happen to be one of the approximately 68 million Americans who have poor credit, you may be wondering what to do. This is because it’s practically impossible to get a loan if you have bad credit. Read on to see some tips that can help you improve your credit so that you can get a loan. 1. Pay Your Bills on Time One of the easiest ways in which you can improve your credit and form a good habit while at it…
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4 Tips for Choosing the Right Hard Money Lender

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hard money lender

Private hard money lenders are critical people to build relationships with if you work in real estate. For many years, they have played an important role as a financing alternative for real estate investors, particularly those with bad credit or searching for rapid cash for time-sensitive projects. If you’re unfamiliar with hard money, it can be difficult to know where to start. Since not all hard money lenders are similar, it’s essential to know how to select one that will be as honest, competent, and efficient as you need. Below are tips for choosing the right hard money lender. Educate Yourself On the Hard Money…
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3 Reasons People Get Hard Money Loans

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private money lender

A hard money loan is an alternative type of financial product that’s typically offered by individuals and not banks. Since a hard money loan is secured by real property, this type of loan is generally used in real estate transactions. Below we look at the top reasons why anyone might get a hard money loan if they qualify.   1. Secure Real Estate Property   The top reason for taking out a hard money loan is the acquisition of real estate. There are many benefits that come from taking out a hard money loan from a private lender vs. a traditional financial institution. According to…
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4 Benefits of a Hard Money Loan

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get a hard money loan

What comes to your mind when you want to get a hard money loan? Hard money loans are a form of lending. They are generally unsecured, meaning the borrower does not need to use any asset as collateral. There is no recourse to the lender in case of a default or inability to repay the loan. Hence, individuals often use hard money loans when they have trouble qualifying for standard financing options due to credit scores or other factors unrelated to their ability to repay debt. There are several benefits to getting a hard money loan. Some of these may include: 1. Low-Interest Rates The…
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Three Advantages of a Hard Money Loan

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hard money lender

Anyone who has ever looked into getting a loan knows that there are many different options available. One of those options is a hard money loan. Hard money loans are loans given by a private hard money lender or organization rather than a bank. The terms of these kinds of loans are often shorter than traditional loans, and the amount of interest that is charged may be higher as well. Hard money loans are often used for investment purposes, such as fix and flips or other real estate ventures. Here are three advantages of hard money loans. 1. They Are Easier to Qualify for Than Traditional…
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Is A Hard Money Loan the Best Choice for Your Home

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hard money loan

If for some reason, you can’t take out a loan with a traditional mortgage lender, a hard money loan could be right for you. Simply put, with a hard money loan, you use the property you’re about to purchase as collateral for the loan. Here are the top reasons why a hard money loan could be the best option for you.   Flexible Requirements   Traditional mortgage lenders tend to have stricter eligibility requirements that make it harder to qualify for a loan. When you apply for a loan at the bank, the application process might involve a lot of paperwork. In addition, you might…
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Five Reasons Why Hard Money Loans Are Beneficial When You Need a Loan Fast

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hard money loans

There are times when you need a loan fast. This could be due to business or personal reasons where you can’t wait for the lengthy procedure and time to acquire a loan from the bank. If you are in a rush to get finances for real estate, you can quickly get a hard money loan. Here are the top five benefits hard money loans offer. Fast Approval When dealing with hard money, be sure that you can get it as soon as the lender confirms that the property on collateral is legitimately yours. Suppose you are involved in a real estate business, and you need…
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Are You Looking for A Hard Money Loan for Your Property?

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what is a hard money loan

When you are looking for ways to finance your property, you may hear of many options available, including a hard money loan. However, you may be wondering what is a hard money loan? It is essential to answer that question before you consider it as an option. Continue reading to find out all the details you need to know about a hard money loan. What Is a Hard Money Loan? The simplest explanation to the question of what is a hard money loan is that it’s a short-term loan that is secured by your property. In general, hard money lenders provide about 65 to 75…
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