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financing: When is a hard money loan an option? - 04/30/08 06:32 PM
Hard money (private money) fills a niche in mortgage lending and provides alternate funding for your clients who have specialized needs or too many credit problems for conventional financing.
Many brokers have clients who would pay higher rates to gain access to capital, including non-traditional funding, and who have the amount of equity available to guarantee payment.
Who Benefits from the Use of Hard Money?
Here are a few mainstream examples of broker clients who benefit from the use of hard money:
Borrowers that need quick funding for time sensitive loans Borrowers who want to use equity for a real estate investment Borrowers who … (0 comments)
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financing: What is a hard money loan? - 04/30/08 06:29 PM
A 'hard money' loan, also known as a 'private money' loan, 'equity-based' loan, or 'asset- based' loan is based primarily on real estate collateral.
Private lenders fund the loans rather than institutions such as banks. Since the collateral is sufficient to recover the original investment if the borrower defaults, other borrower qualifications are minimized.
Credit history and credit scores are not as important.
Borrower income is still a factor in many situations, but not as important as conventional lending.
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financing: Hard Money Lending for commercial properties - 01/27/08 11:29 AM
I have a source for Hard Money for commercial loans.
If there is a current appraisal we can close within 5 days up to $5,000,000
65% loan to value on refi, 60% loan to value if notice of default or if in BK.
If you have clients with equity who need some breathing room, this is a good program.
Loan is for 12 months with no prepay penalty.
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