There are several types of loans you can use to purchase or refinance. This applies whether you are buying a home to live in; a home to rent out; or a commercial building. They include the standard 30 year fixed rate mortgage; the government FHA/VA loans; a commercial property SBA loan; or a private money loan.
Private money is money borrowed from private individuals. I bet you've borrowed money from a relative. That was a private money loan. It wasn't from the bank or some other institution. Most private money lenders/investors lend money through a mortgage company (there are laws that require this).
cashloans online without bank account, online payday cash loan, no bank account loans,
Why would anyone borrow private money? There are some great advantages. The property you want to borrow against may not be something a bank will lend on. Banks require a property be in good shape. What if you are looking for speed? Hard money loans are generally much faster than a bank loan. What if your credit isn't bank worthy? A private money lender will lend you money even with bad credit!
Private money loans are based largely on equity. The most you will get is 70% of the value of the property. If it's worth $300,000.00 you will be able to get $210,000.00 If you want a 100% loan, hard money will not work.
An example of a hard money loan just happened. The borrower had almost all of the money to purchase a house. She needed only $75,000.00 more - but didn't qualify for a bank loan. The purchase price was $231,000.00. She only wanted to borrower 32% of the value. That loan got done within 4 days for a quick close. She beat out others that put in offers for the house. She could and did quickly close and her house payment is the payment on $75,000.00.
Another example, a contractor wanted to buy a dump house. No bank would lend on it because it was so dilapidated. The contractor had enough for a decent down payment and proved he had enough to fix it up for resell. He got a hard money loan was able to fix up the house and pay off the loan within 4 months.
Maybe you need a hard money loan!
Up To $ 1500 Quick Loan Online. No Hassle. Fast Instant Approval. 100% Approval In 1 Hour. No Telecheck. Get Quick Loan Now!
Rating of payday loans direct lenders
Get Online Application at online payday loans.
0 comments:
Post a Comment