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ShUOC Forum - View topic - Hard Money Loan
View unanswered posts | View active topics It is currently 20 Sep 2020, 12:38



Reply to topic  [ 2 posts ] 
 Hard Money Loan 
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Beginner

Joined: 11 Apr 2018, 03:26
Posts: 1
Post Hard Money Loan


Introduction to Private Financing
In the ever changing mortgage world, lending rules constantly change for banks and mortgage lenders. In recent years, many banks have slowed down their lending or tightened their underwriting to which aborrower may have success borrowing money from a private individual or organization offering private financing, where lending rules and guidelines are a lot more flexible.



What is Private Lending?
Private or ‘Hard Money’ Lending is simply a short-term loan secured by real estate.
Hard money loans are not appropriate for all deals. When purchasing or refinancing a primary residence with good credit, income history, and where there are no foreclosure or property condition issues, conventional financing through a bank is the best way to go. If, however, banks are not an option or the loan is needed in a short period of time, private lending may be the solution to help you bridge the gap. It is useful to think of a hard money loan as a means-to-an-end, perhaps a much bigger profit opportunity or to allow you to get back on your feet.

Typical lending situations:

Fix and Flips

Land Loans

Construction Loans

When the Buyer has credit issues

When a real estate buyer needs to act quickly

Interim financing

Property Types: a borrower can get private lending on almost any type of property, including:

single-family residential,

multi-family residential,

commercial,

vacant land, and

agricultural land

Some private lenders may specialize in one specific property type such as residential and not be able to do land loans, simply because they have no experience in this area. Most private lenders have a specific niche of loan they are most comfortable with. An experienced mortgage broker can help you quickly locate the correct lenders upfront, let you know type of loans they are willing and able to do, and under what terms.


11 Apr 2018, 03:40
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Novice

Joined: 28 Nov 2017, 06:57
Posts: 147
Post Re: Hard Money Loan
 i am sure these will help me profoundly.I will keep these in mind.
click my website


11 Apr 2018, 05:55
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