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Hard money loans are
loans that are based solely on the equity in your
home. There is no lengthy review of an individual's
credit profile, work history, income documents, other
traditional loan guidelines. While hard money loans
are quick and easy to obtain, they carry higher rates
than traditional financing due to the inherent risk
the lender assumes when not verifying the borrower's
history or ability to repay the loan. A hard money
loan should be a last resort for most home buyers
since the rates are the least favorable of all loan
programs. A hard money loan however can be used to a
client's benefit for a huge variety of situations. We
will look at some of the more popular reasons that
buyers typically use a hard money loan for. In all of
these scenarios some equity in the home is required:
Hard Money Loan Scenarios
- HOMEOWNERS WITH EXTREMELY BAD CREDIT IN NEED OF
DEBT CONSOLIDATION
- EXTREMELY BAD CREDIT FORECLOSURE BAILOUT
- INVESTORS LOOKING TO BUY PROPERTIES QUICKLY
WITH LITTLE DOCUMENTATION
- NEED FAST CASH FOR SOME REASON AND HAVE EQUITY
IN THE HOME BUT VERY BAD CREDIT
These are just a few of
the scenario's we see every day from our client's
wishing to utilize a hard money loan program for their
purchase or refinance needs. Investors are very fond
of picking up properties below market value using hard
money loans because they can close so quickly and need
to provide littler or no documentation about their
income and work history. A hard money purchase loan
can be done to finance the entire purchase price and
even closing costs!
A hard money
refinance loan is most often used to avoid foreclosure
or bankruptcy. This allows the client to pay off debts
and get back on track so they can refinance into more
traditional financing within 12 months. Some of the
guidelines and benefits of a hard money loan include:
Hard Money Loan Highlights
- LOANS ARE BASED ON CURRENT APPRAISED VALUE
- NO DOC LOANS OR STATED INCOME LOANS
- CLOSING HAPPENS IN HALF THE TIME OF TRADITIONAL
FINANCING
- BUYER RARELY PAYS FOR THE COST OF APPRAISAL
- EXTRA INCENTIVES TO CLIENTS THAT DO REPEAT
BUSINESS
- HARD MONEY LOANS ARE GOVERNMENT REGULATED AND
POINTS/FEES CANNOT EXCEED STATE GUIDELINES
- LOWEST POINTS AND FEES AVAILABLE
Now you can see why
we are the premier source for hard money loans in the U.S. Our mortgage professionals
are prepared to put their years of experience and our
access to these bad credit hard money loans to work for
you!
Contact US today or
APPLY ONLINE for a same day response and let's
start working together to help your American dream
come true!
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