https://myprivatehardmoneylender.com - Private hard money lenders are a great resource for real estate investors to acquire funds for their real property exploits. Whether the investor is looking for SFR funds, private construction loans, or multi-dwelling properties, a hard money loan can come to the rescue.
Real estate investing like anything else has it's learning curve, and also people with wide ranges of credit scores, and available funds are functioning in the investor marketplace. Each and every scenario is different and will be dealt with individually by lenders.
Private hard money loans vary widely. Interest rates and points vary by lender and by borrower qualifications. Generally speaking the better the credit score and cash on hand, the better the interest rate. These factors are not entirely related, and can vary based upon other factors as well. Other factors that may be in the mix can be profit margin, and type of property involved.
Each investor uses his or her own criteria for evaluating deals and experience and expertise play a part in this. Private hard money lenders are looking to protect their own interests as well as the interests of their clients, the investors. Therefore no reputable hard money outfit will loan on a deal that is not profitable for the investor, even if the investor has not done the proper due diligence.
There are benefits for everyone involved in these transactions, and the best case scenarios are when investor and private hard money lenders work together on an ongoing basis to bring transactions together over and over. This can often help floundering homeowners escape an unbearable burden, and contribute to the local community by rehabilitating properties that would otherwise sit distressed negatively effecting community property values.
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Hard money lenders of course are lenders of hard
money. But what exactly does that term mean? Hard
money refers to money that
is loaned through non-conventional
lending channels most usually for
purposes that would normally not be approved by
conventional lending sources.
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A very good example of the need of such a loan would be
what happens in the refurbishing and resale of homes that
have fallen into
distress and been
lost by their
owners. Let’s take a look at how a situation might unfold.
We’ll see why these kinds of money lenders exist.
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Say a couple starts out with a home they purchase
with good intentions. But then tragedy strikes. One of
them becomes incapacitated and is no longer able
to work.
Let’s say they struggle along for a few years somehow
making ends meet until they deplete all of their
savings and any other means of staying afloat.
Eventually the bank carrying the mortgage forecloses,
and the house is resold to an investor who wishes to
buy that home, rehabilitate all of the deferred
maintenance that the couple could not manage to do
during their struggles. The investor’s goal is to make
the repairs then quickly sell the home for a profit.
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Normal conventional lenders usually wish to
loan money to people who are buying a home
to live in. Since this is not the case for the
investor’s purposes, a conventional loan
most likely will not work. The investor
borrows “hard money” to purchase and refurbish the
home. The investor then sells
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6. the home at market value, more or less, pays back
what he has borrowed and makes a profit through the
entire process. “Hard money”
can be loaned on anything
for any purpose agreed upon
by the lender and
borrower. Another scenario would be any case where a
business owner needs money to expand his or her
7. Many business owners enjoy hard money funds to
grow and expand their
businesses when otherwise
they would not have a way
of getting their hands on needed
dollars. To find out more about
hard money and to see if a hard money loan would
benefit your business visit the link below:
