Free and Clear Vacation Home
Tampa Hard Money Refinance | Bradenton Bad Credit Refinancing
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. Vacation rental homes are considered high-risk investments by many conventional lenders. This is where AHL Hard Money Network can help.
If you have an existing paid-off property, our investors are interested in providing you a loan against that equity. They are less concerned if there is a rental property involved because they are securing the loan with the existing equity. This is useful for borrowers who may have less than ideal credit, are self-employed, or have previous bankruptcies. Of course, we do want to see that you have the ability to repay the loan, but our criteria are less stringent than conventional lenders.
If you are concerned that hard money investing is more expensive than conventional financing, consider the facts:
- If you rent your vacation home more than two weeks per year and report the income, your property will be considered an investment property
- As an investment property, you won’t qualify for government Fannie or Freddie rates
- Investment properties carry higher interest rates or additional points from conventional lenders
- Conventional lenders may restrict the loan to value ratio, making less money available to you
For all these reasons, AHL Hard Money Network can be a better solution for getting your vacation home money, and will also let you move quickly on a good property by not tying you up in excessive paperwork and long qualification times. In today’s vacation home market, being able to move quickly on a good deal may save you a lot of money and get you the property you want.
At AHL Hard Money Network our private investors will only look at the equity of your vacation home and determine a value and based on the value, they may offer 55% of the home for cash out for you to use for home improvement, debt consolidation, purchase another home, pay off property taxes, IRS liens. Many Foreign nationals use our private investors for hard money since they have no social security number in the united states but they own a vacation home free and clear and would like to pull cashout.
So, before you start looking at a vacation home investment in the greater Tampa area, contact AHL Hard Money Network and simplify your mortgage process. Our investors are looking for opportunities like yours, so contact us today.