Traditional banks offer financing options for people who qualify, but circumstances such as bad credit, foreclosure or income that is challenging to prove will frequently leave a homeowner in grief. Opting to search for answers has led several homeowners to hard money lenders. Sources for hard cash loans include personal creditors, insurance companies and pools of investors who offer funding at above-average danger in exchange for a high interest rate and charges. Average hard cash interest rates range from 10 to 18 percent and frequently require 3 to 2 points (a point is equal to 1 percent of the loan amount). Hard money loans are equity based, with most lenders capping loan limits to a maximum of 65 percent of your property value. Hard cash loans are issued on residential and industrial properties.
Write a detailed list of your needs for a hard money loan along with the given amount of money which you will ask for.
Find hard money lenders on the internet. Use the Scotsman’s Guide as well as other tools to find hard money lenders.
Call a creditor such as Kennedy Funding or other hard money lenders to provide your pitch for a hard money loan. Speak with a loan , inform him of your situation and ask for the amount of money which you want. Be ready to explain your reason for the desired amount of money.
Expedite your submission of documents. Hard money loans are assessed on a case-by-case basis; but several requests are time sensitive. Promptly reply to information requests from your creditor to prevent any delays. You’ll have to forward information regarding your income and property when seeking a hard money loan.