Hard Money – More Of The Short Story
WHAT IS HARD MONEY…. Hard money loans are funded by private individuals. It is not money from a bank. The loans are used to handle a problem in the profile of the Borrower. They are usually short term (1 to 5 years) and can be funded quickly. We have over 500 individual Investors who invest through us.
There are just 2 main qualifications:
- Equity or decent down payment;
- Ability to repay the loan.
HARD MONEY LOAN PROGRAMS….
Here are our 4 most popular hard money loan programs – Purchases and Refinances:
- Non-Owner Occupied/Investment property
- Owner Occupied/Primary residence (short-term and long-term)
Why Hard Money – BRIDGE LOAN…. A borrower referred to us by a Mortgage Broker needed fast financing to buy a new family home. He had a rental with good equity that he could use to borrower a large down payment. We did an $878,000 cash-out Hard Money loan on the rental and he quickly closed on the new family home. He plans on refinancing to a Bank loan within 6 months. That family is very happy!