Hard Money Loans
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Irina Dyakun, CEO
Irina Dyakun, CEO
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How do Hard Money Loans Work?
A hard money loan is funded by private investors for a term of about 12 months. Sometimes the term can be extended to 2-5 years. The amount of money the borrower can receive from the lender depends on the value of the property rather than the borrowers’ credit. A hard money loan is a good option when you need a loan for a short period or when you are not ready to go through a lengthy and tedious procedure required by banks. Hard money loans are perfect for the following situations:
This type of loans helps to purchase a property for renovation before turning it into profit. Usually, investors buy, renovate and sell a property within one year. Typically these loans are used to finance properties that are in poor condition. Hard money loan is perfect both for experienced home flippers and for novices.
Hard money loan is an ideal solution for those who need to act quickly. If you want to refinance your home to a fixed rate, shorter mortgage term or cash-out refinance you can obtain a hard money loan for that purpose.
The Benefits of Hard Money Loans for Investors
Flexibility and Speed
There is a short application period for a hard money loan. You can usually get a lot within two weeks after you have applied. Besides, if you run into some problems, there is typically a way to negotiate with a lender.
If you want to invest in multiple properties, it will be rather hard for you to get a conventional loan from a bank. To the contrary, hard money lenders are usually favorable to the multiple-property investors.
Hard Money Morgage Loan Process
4 Easy Steps to Your Success
Talk to Us to Know Your Options
Start a Loan Program
We Shop You Choose
Get a Loan Approval on the Terms You Want
Your Goal Achieved!
How to Apply for a Hard Money Loan
- 2-3 months of bank statements;
- purchase price and property location;
- experience of previous projects;
- renovation or constructions budget (for fix and flip and construction loans).