Second Mortgage

A hard money commercial loan is an advance for a commercial venture for which conventional funding is not available.

In other words, it is money that is difficult to get elsewhere. The purposes for which such loans can be obtained include investments, property acquisitions, construction, business and industry, refinancing and a lot of others.

Suitable collateral is required for obtaining a hard money commercial loan. Third party appraisal on the collateral may not be necessary because the financiers are experienced enough to assess the value. The loan to value (LTV) ratios are normally up to 75% but some lenders do exceed this. Even second liens are possible if sufficient equity is still available. Read the rest of this entry »

If you have a bad credit, judgments, garnishments, and repossessions, you might find that sub-prime mortgage lenders will deny your application.

If filing bankruptcy is not an option for starting over with your finances, a hard money lender could help qualify you for a mortgage. Hard money lenders are expensive; here are several tips to help you secure financing without losing your shirt.

Hard money lenders profit by lending to people banks and bad credit mortgage lenders won’t touch. These are people who have a history of being down right irresponsible with their finances. This is the type of person that for a time in their life simply didn’t care. They may have multiple judgments and write-offs on top of a bankruptcy on their records. Climbing out of a hole this deep can be a difficult and expensive task. Read the rest of this entry »

Mortgage lenders typically have a minimum credit score and other requirements to approve a mortgage.

Hard money loans are useful for borrowers who need to get a loan done fast, challenging credit, or unique situations. Hard money lenders generally move faster than regular mortgage lenders. Read the rest of this entry »

The hard money loan is a private loan.

In this type of mortgage the actual cash is transferred from the lender to the borrower for the purpose of making a large purchase, usually a real estate purpose. The hard money loan is unusual because of the large transfer of hard money rather than the exchange of money through seller or lender carrying on the home. T

he hard money loan is a risky loan for lenders and often comes with a high interest rate. However, because the hard money loan is a private loan, the terms and agreements of the hard money loan are generally negotiable. Read the rest of this entry »