How Do Most Entrepreneurs Get the Funding to Start?

Posted by & filed under Private Money Loans.

what is a hard money loan

Many people across the globe have aspirations to venture into business. The Small Business Administration reports that investors started one million small businesses between 2019 and 2020. For these businesses to get off the ground, they need one common factor – money! And this is what creates the difference between entrepreneurs in business and those in waiting. Supposing you are in the latter category, you’d probably want to know how the former got funding to launch their businesses. If that’s so, this post is entirely yours. It explores some viable ways through which most startup entrepreneurs get startup capital. Savings As evidenced by the Gallup…
Learn More

Who Qualifies for Residential Owner Occupied Loans?

Posted by & filed under Private Money Loans.

Residential Owner Occupied Loans

There are many different types of mortgage loans. One of the most popular types is residential owner occupied loans. These types of loans cater to a specific type of borrower. Are you eligible for residential owner occupied loans? Find out now. What Does Owner Occupied Loans Mean? Residential owner occupied loans simply mean that at least one of the borrowers on the loan documents lives at the mortgaged property. For some loan programs, the borrower must live in the property for the duration of the loan. Other loan programs set a time frame for how long a borrower must live in the property. What If…
Learn More

What is a Hard Money Loan?

Posted by & filed under Private Money Loans.

what is a hard money loan

It is common for people to ask “what is a hard money loan?” Well, a hard money loan is a type of finance granted to real estate investors by individuals or non-banking institutions. It does not necessitate extensive credit checks because it is secured by collateral.   The investor chooses a hard money lender since the loan is disbursed rapidly, typically within a week, as opposed to standard banks, which take one to two months to issue the funds. Since it bridges the financial gap between the purchase and resale of a property, this type of loan is also known as a short-term bridge loan….
Learn More

Three Advantages of a Hard Money Loan

Posted by & filed under Hard Money Tips, Private Money Loans.

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…
Learn More

Is A Hard Money Loan the Best Choice for Your Home

Posted by & filed under Hard Money Tips, Private Money Loans.

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…
Learn More

Five Reasons Why Hard Money Loans Are Beneficial When You Need a Loan Fast

Posted by & filed under Hard Money Tips, Private Money Loans.

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…
Learn More

What are the Requirements for Owner Occupied Loans?

Posted by & filed under Private Money Loans.

Owner occupied loans

Owner occupied loans have some requirements that you may not be aware of. For example, with owner occupied loans, flipping your home like 6% of 2016 homeowners did is not an option. Getting familiar with what owner occupied loans really require is essential to the success of managing your mortgage. What Is an Owner Occupied Mortgage? As the name implies, owner occupied mortgages are available to people that plan on buying a home and living in it. Owner occupied loans are easier to secure than other types of loans but they come with caveats that other loans do not come with. Why Do Lenders Like…
Learn More

5 Benefits of Using a Private Money Lender for Real Estate Investing

Posted by & filed under Private Money Loans.

private money lender

Private money lenders can be a breath of fresh air to real estate investors looking for convenient financing. In simple terms, a private money lender is any individual or entity (as opposed to a traditional bank or credit union) that provides loans for real estate purchases. Whether you’re a short-term fix-and-flipper or a long-term real estate investor, getting financing from a private money lender comes with several benefits. Fast Processing When you’re planning to invest in real estate, it’s important to set things in motion as soon as you spot the right listing. The seller will want to see proof of funds, and they may…
Learn More

What You Need to Know About Residential Owner Occupied Loans

Posted by & filed under Private Money Loans.

residential owner occupied loans

Homeownership remains one of the greatest American dreams. Sadly, most traditional lenders find it hard to bend their loan approval criteria to accommodate hopeful clients. Bad FICO scores, bankruptcy, forbearance notice, or recent foreclosure may make individuals virtually untouchable to banks and other conventional financing institutions. There’s Still Hope With Hard Money Lending Close to 31% of Americans have low or subprime credit scores, according to FICO. Poor credit scores may not absolve you from needing repairs for your home, moving to a new location, or needng capital for business expansion. Your FICO scores may keep traditional financial institutions away. Hard money lenders are a…
Learn More

How Private Money Lenders Can Help House Flippers Reach Their Goals

Posted by & filed under Private Money Loans.

House flipping is becoming increasingly popular among real estate investors. There are a lot of advantages that come with flipping houses, especially if you’re interested in making a potentially significant amount of money in a short amount of time. But the reality is that not everyone is in a position to begin buying homes, especially if they don’t have the strongest credit histories. Fortunately, there are options available for those who can’t necessarily borrow from typical lenders. Private money lenders have opened doors for people interested in flipping houses and given them the opportunity to pursue properties that they otherwise would be unable to afford….
Learn More