The homeowners source for hard money money mortgage.
The basics you need to know in securing a hard money mortgage.
Hard money mortgage is a mortgage loan funded by a private individuals, trusts, partnerships, real estate investment groups . This type of mortgage is often referred to as a hard money loan. This mortgage is not offered by a traditional bank or lending institution. Most borrower seeking a hard money mortgage or private money loan is an individual who has difficult or challenging issues that require them to seek non-traditional financing. The issues are usually because of credit problems, income, or property type and condition. If this is the case, you may want to explore a hard money mortgage. Common problems requiring a private money include:
You are currently behind on your mortgage payments..
Currently facing foreclosure or have a notice of default filed against you.
Have tried to refinance but have been turned down because of problem with or income verification.
Need a mortgage loan immediately and are willing to pay higher interest rates to have it close fast.
Trying to finish a construction loans
Financing a commercial property that has not had a steady income.
Financing an unusual property like commercial or investment property.
For obvious reasons, a hard money mortgage will come at a higher cost than a traditional mortgage and you should always explore other financing alternatives first. After you've exhausted your traditional options, a private money may be an excellent temporary mortgage solution for you.
Most private mortgages are for high credit risk borrowers or unusual circumstances. As with any type of investment, the higher the risk, the higher the reward. That applies to both the borrower and the lenders.
Since private mortgages are used as a temporary mortgage solution , you should plan on keeping a hard money mortgage open for only at the time necessary to accomplish what you couldn't do under the terms of a traditional financing.
If you are a borrower, real estate professional or mortgage broker who is in need of a private money we can help you. The equity in your property is the most important factor for qualifying for a hard money mortgage because it helps offset the risk to the private investor.
Private mortgages can also be used for many property types such as, home, condominium, townhouses, commercial property, hotel, motel, construction loans and other real estate backed investments.
If you need immediate help, take a moment to complete our quick application or simply call us at 310 2352635 . Please note. All information is strictly confidential. We are a direct hard money mortgage lender, so your information is not shared or sold to any other parties.
