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Here's a New Lender's Viewpoint from Our Broker Forest at Sun Pacific Mortgage and Real Estate
A Word from Our Broker Here at SunPacMortgage

LENDER’S VIEWPOINT
By Broker, Forest Tardibuono
 
Current Uses For Hard Money
 
Here are some Scenarios that depict the most recent and popular uses for Hard Money:

 
Scenario 1:  You have loanable equity in your property, whether it’s residential, commercial or land, and want to borrow against it.  Loanable equity means the amount you can borrow that exceeds what you already owe not to exceed 70% of the value of the property.  You usually cannot borrow 100% of the value.  You’ve tried your favorite bank, your favorite savings and loan, your favorite credit union, your favorite mortgage broker and gone on line and applied on several sites for a loan.  It’s been no, no, no, no, no and no in that order.
    Scenario 2:  You have 30% or more down - from whatever source - and want to buy a home as your primary residence.  Your credit report shows a recent foreclosure, or short sale or bankruptcy or a combination of these.  Your credit score is well under 600.  You have good income as both you and your spouse work.  
Scenario 3:  You tried to do a loan modification but your lender has refused for whatever reason.  To have the ... more

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