Posted on: 28th Sep, 2010 08:07 am
please detail me on hard money. i need a loan and not sure about this. thank you
Hi abatees,
Most of the time individual is not qualified for the conventional commercial lending through banks and thus they need to look for other alternatives.At this time most of the private lenders do offer the loans with mortgage of property (real estate).These loans are high interest loans and they may offer the loans even to the distressed properties as well where some dispute is going on .....
Feel free to ask any further query if you have........
DIPA
Most of the time individual is not qualified for the conventional commercial lending through banks and thus they need to look for other alternatives.At this time most of the private lenders do offer the loans with mortgage of property (real estate).These loans are high interest loans and they may offer the loans even to the distressed properties as well where some dispute is going on .....
Feel free to ask any further query if you have........
DIPA
Let me answer this properly...
Hard money lenders are going to be your worst option as far as fees and rates are concerned. You turn to them when you have nowhere else to go. The LTV requirements will be close to 50%. You may pay a few points to get the loan AND your rate will most likely be higher than 10%
Hard money lenders are going to be your worst option as far as fees and rates are concerned. You turn to them when you have nowhere else to go. The LTV requirements will be close to 50%. You may pay a few points to get the loan AND your rate will most likely be higher than 10%
