A hard money loan is a legitimate way for business owners or others to obtain needed financing outside of the conventional bank loan process. There are many reasons why this might be necessary; self-employment, previous bankruptcy, less than ideal credit, or other reasons that would cause a rejection of a conventional loan. (more…)
Are you looking for a vacation property or have one and want to pay it off? This may not be as easy as it sounds, particularly if you plan to rent it from time to time. Most conventional lenders will consider this a commercial property and may not provide you financing. (more…)
The days of securing a mortgage from a bank and sticking it out to the end are long over, and homeowners have many options for both financing and later refinancing their mortgage. There are several reasons why refinancing may be a good idea for you now rather than later; let’s look at five of them.
Do you have rising credit card debt, or a couple of cards with high interest rates that you never seem to get paid off? You may be a good candidate for a consolidation loan. The idea of a consolidation loan is quite simple; borrow an amount of money that will pay off a variety of other loans with higher interest rates than the new loan. Here’s why you should consider a consolidation loan if you are having trouble paying off other debt.
If you have a home mortgage for a while now, it may be time to take a look at it. Market rates fluctuate, and there are opportunities for you to obtain a lower interest rate. However, if you have below-average credit but a steady income, you may still find it difficult to obtain a conventional refinance. This is where AHL Hard Money Loans may be able to help.
Home mortgage interest rates remain at low levels, and if you have an older loan it might be time to consider a Orlando Mortgage Refinance, or use the equity in your home for much-needed money. You have a lot of pride in your home and have worked hard to keep it in good order. Regardless, there are things you can do to improve your refinance position, and a key one is to have the house ready for a home appraisal.
Perhaps you have less than perfect credit or documentation problems. Maybe you are self-employed and short on funds. Or maybe the banks just keep turning you down for a loan. Whatever your situation, a hard money loan can be the solution you need. Most hard money loans are used to fund projects of a short duration, lasting anywhere from a few months to a few years. Although interest rates are typically higher than with other loans, a hard money loan can be a lifeline for distressed borrowers facing the prospect of foreclosure or bankruptcy. Although it offers significant advantages over bank-financed loans, a hard money loan is only a temporary fix and will need to be refinanced down the road. We’ve got four good options for refinancing your hard money loan.
Hard money refers to loans from investors that are linked to a higher interest rate than a conventional loan. They depend more on the collateral offered by the applicant rather than a credit rating. Hard money loans are useful for commercial property owners with less than perfect credit, but owning a property with sufficient equity to cover the loan. Another example is a homeowner who is in foreclosure. A hard money loan may allow time to pay off the bank and sell the property when a conventional loan will not be granted. There are other examples, but suffice it to say that hard money investors are looking for a higher rate of return, so are willing to accept higher risk to some extent. For the purpose of this discussion, we will use a homeowner who cannot obtain a conventional mortgage.
Anyone with an existing mortgage naturally wonders about the possibility of refinancing. The decision to refinance a mortgage should be taken seriously and approached carefully. How can you know if refinancing is right for you?
AHL Hard Money Loans specializes in cash refinancing. If you are self-employed, have bad credit, or both, our investors will endorse you for a loan even when the banks will not. We have a network of hundreds of private money loan programs all across Florida. We can provide private equity financing through our investors. They offer full documentation, an easy, understandable process, and worry free loans for all of our clients.