Hard Money. Hard-money lenders make mortgages that are tied to the value of the underlying asset, as opposed to the strength of the borrower. Such loans typically carry high rates and fees. Many hard-money loans involve low loan-to-value ratios, requiring the buyer to put more down than she would with a.
Due to this higher risk involved on a hard money loan, the interest rates for a hard money loan will be higher than conventional loans. Interest rates for hard money loans range from 10 – 15% depending on the specific lender and the perceived risk of the loan. Points can range anywhere from 2 – 4% of the total amount loaned.
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Hard money loans often refer to a possibly distressed financial situation, such as being in arrears on the existing mortgage, or where bankruptcy and foreclosure proceedings are occurring. In the case of Great Stone Capital, investors are typically Real Estate Developers and investment property owners.
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· Hard money lenders (HMLs) are typically private individuals or small groups that lend money (hard money) based on the property you are buying, and not on your credit score. Usually these loans cost (percentage-wise) much more then an average mortgage , often times up to twice what a regular mortgage does, plus high origination fees.
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Hard money loans can be a good solution. Because these borrowers are unable to get loans elsewhere and they generally know the rates will be higher, they are less sensitive to rate. The important.
Understanding the Purpose of the Hard Money Loan. When someone needs a loan on a short-term basis, the hard term money loan is often a good choice. It is provided to borrowers who own real estate and it allows them to receive fast cash to cover certain expenses. Funding is not provided by a traditional lender, such as a banking institution.
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