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Hard Money Loans!

Under certain conditions and circumstances a hard money loan may be a life line for people.  They can be used for a personal residence, 2nd home, investment or commercial property.  They have been used by investors instead of taking on a partner for flipped property. 

What are hard Money Loans?

Hard money loans are loans private investors make outside of the normal financing restrictions such as FHA, VA, Fannie Mae and Freddie Mac.  The loans are held by the private investor throughout the loan period.  Usually a 3 year period.

Loans are based upon the equity within a property, allowing the lender the comfort that, in the event of a default, the value of the property will allow them to recover their full investment in the event of foreclosure.  Normally, they require 40% down for purchase and limit cash out to 60% of the home of the property.

Who can qualify?

Unlike every other loan, a hard money loan will take on the risks of:

  • Recent foreclosure

  • Bankruptcy

  • 500 credit score, no credit..

  • Short sale

  • Deed in Lieu

  • New Job

  • Drop in income or under reported income.

When does it make sense to  use a hard money loan?

  • When there are no other less expensive options, it may make sense.

  • When you have enough cash for down payment and closing costs.

  • When you feel that owning a home makes more sense than renting.




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