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Hard Money Loans as an Alternative When Financing Falls Out
Hopefully everyone is staying safe and healthy these days.  It's been crazy these past few weeks.  In the lending world, that craziness racheted up a notch when I started getting calls that non-QM loans are being suspended or canceled.  Between Friday and today that has been a common theme.  It reminds me of the subprime bust, with things changing very abruptly due to the secondary market issues.  With this issue, there are many borrowers who had a loan ready to close last week, only to find out they have no loan at all today.
While this is not an ideal situation, there is a solution.  Hard money loans have been around and are incredibly useful tools in times like these.  I've been through a major market crash and have built relationships with investors, funds and groups that will stand the test of time.  While there have been a lot of new comers to the hard money lending world the past few years, many of them are capitalized in a similar manner.  That is they rely on a secondary market to purchase their loans.  Due to this they were able to scale their business and offer attractive rates and terms.  The downside, however, is ... more

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