These days many real estate investors and homeowners can’t refinance or purchase properties. To stabilize the market, a group of investors from California decided to help and use their own financing as hard money loans. Commercial and residential.
STUDIO CITY, CA, May 30, 2011 /24-7PressRelease/ — Many people these days are looking for alternatives to get money to pay their mortgages and all other debt involved. While trying to qualify for a mortgage with their bank and getting the cold shoulder, hard money lenders will lend you the money even with bad credit and no income.
What is hard money?
Hard money is a term that real estate professional use for private investors. These private investors will loan you their own private money without checking your credit score or your income and employment. Hard money lenders are interested in equity. Since they don’t check your credit or your income they want to make sure that in the case of a default they can use your equity as the security.
Hard money lenders are here to help. Hard money loans are short term loans, so if you will ever consider applying for a hard money loan you should know that private investors gives you this one opportunity to clear your debt, work on your credit and then refinance the property with a conventional lender or sale. Hard money loans balloon after 18 month in most cases.
Some private lenders care about the type of property you own. We are looking for commercial and residential and it can be owner occupied or non owner occupied. As long as the property have some equity then you are in good shape and you will get qualify.
Hard money lenders also charge higher fees and higher interest rates then conventional lenders. Hard money rates are anywhere between 9% to 15% and fees are anywhere between 4 points and 8 points depends on the scenario. We know that interest rates and fees are high, but you need to understand that our risk is high too. We will lend money to a person that don’t pay his debts on time and consider high risk to most banks out there.
Yes, hard money lenders are not the best alternative for most real estate investors and homeowners, but hard money is the only alternative for those that have bad credit and no income, but have a great property they want to keep or to purchase. If you need our help please call us today (818) 308-4443.
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Article source: http://www.einnews.com/pr-news/431418-hard-money-lenders-from-california-are-helping-real-estate-investors-and-home-owners-with-their-properties-commercial-and-residential-hard-money-loans-by-private-lenders-nationwide-&popular=1